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Full text of "The Conflict between man and mammon ; or, Gold slavery the curse of the world"

THE CONFLICT BETWEEN 



Man and Mammon 

OR 

GOLD SLAVERY THE CURSE OF 
THE WORLD. 



BY Geo. W. Warder, 

author of 

"After Which All Things, or Footprints and Shadows, ' 
"Utopian Dreams and Lotus Leaves," Etc. 



"I believe the struggle now going on in this country 
and in other countries for a single gold standard will, if 
successful produce wide spread disaster in the end, through- 
out the world." — James G. Blaine. 



KANSAS city: 

LEAGUE PUBLISHING CO. 
1896. 



Dedicated to Those Who Love HuxManity, 
AND Would Save Mankind From the Tyranny of Gold, 

AND THE Avaricious Grasp of the Usurer ; Who 
Regard Patriotism Above Party, and the Prosperity 
OF the Toiling Masses More Important than 
Increasing the Wealth of Millionaires, 
AND Who Oppose the Present Gold Standard as Hurt- 
ful and Ruinous, 
Producing Monetary Anarchy. 

BY THE AUTHOR. 



Kntered according to act of Congress, 
in the year 1896, by Geo. W. Warder, 
in the office of the Librarian of Congress, at 
Washington, D. C. 



INDEX. 



chapte:^ 1, 

The Tyranny of Wealth 7 

The World's Energies Expended in Enslavement of the Race. ... 9 

Individual Avarice and Corporate Greed. 10 

CHAPTER II. 

Free Silver the Present Financial Issue 12 

The Gold Standard not the Standard of Civilization 14 

Why England Demonetized Silver 16 

Silver the Unit of Value for a Century 21 

CHAPTER IV. 

The Crime of 1873 23 

Cleveland a Dissapointment . . 26 

Not Demonetized Because of Overproduction 30 

Increase of Gold Over Silver 32 

Silver Was at Par When Demonetized 33 

CHAPTER V. 

Avarice of the Rich the Only Motive 35 

Not Enough of Poth Metals 36 

Destroying Silver Doubles the Purchasing Power of Gold. . : 37 
CHAPTER VI. 

All Parties for Bi-Metalism 40 

Other Nations Follow Our Example 41 

No Reason Why We Should Wait 42 

CHAPTER VII. 

Bi-Metalism and Concurrant Circulation are Different 44 

Silver Still Measures the Value of the World's Products 47 

Only the Usurer Benefited by the Gold Standard 50 

CHAPTER VIII. 

The Restoration of Silver the Only Hope of Prosperity 52 

Honest Money — Gold the Most Dishonest 53 

Could "Sound" Money Produce Such a Curse 54 

CHAPTER IX. 

No Danger of a Silver Plood 57 

We Can Have Two Standards 58 

Gold Has No Intrinsic Value 59 



CHAPTER X. 

A Fitty cent Dollar can be Legislated into a loo-cent Dollar 64 

A Dishonest Argument 67 

Why Favor the Gold Miner and Oppress the Silver Miner 68 

CHAPTER XI. 

Can the United States Alone Hold up Silver 70 

CHAPTER Xn. 

The Honor and Credit of the Government not Involved 72 

The Stanley Mathews Resolution 74 

Abraham Lincoln's Position 75 

CHAPTER XIII. 

What the Policy to Preserve the Parity Means 79 

Silver Coinage Provided by the Sherman Bill 83 

Chas. Foster's Order the Only Authority to Pay Gold 88 

CHAPTER XIV. 

The Single Standnrd is a Defective Financial System 93 

Agitation Hurtful to the Gold Standard Because a Weak System, . 100 
CHAPTER XV. 

Why We Should Retain the Ratio of 16 to i loi 

16 to I the Only Just and Legal Ratio 103 

CHAPTER XVI. 

The Effort of Immediate Bi-Metalism Beneficial 106 

European Authorities Favor Bi-Metalism 107 

Mr. Cleveland's Emissaries no 

CHAPTER XVII. 
Andrew Jackson's Fight With the United States Bank 114 

CHAPTER XVIII. 

The Eastern and Western Bankers on Bi-Metalism 121 

Indebtedness of the Banks 123 

1 he Money Power the Most Open Violators of the Law 125 

CHAPTER XIX, 

The People West of the AUeghanies Terribly in Earnest 127 

The Anarchists of New York 131 

CHAPTER XX. 

Bi-Metalism Should be Restored Without Delay 134 

A Patriotic Prophecy 142 



"Whoever controls the volume of 
money of any country is absolute master 
of all industry and commerce.— James 
A. Garfield. 



"If a government contracted a debt 
with a certain amount of money in cir- 
culation, and then contracted the money 
volume before the debt was paid, it is 
the most heinous crime a government 
could commit against the people."— 
Abraham Lincoln. 



INTRODUCTION. 

In the early dawn of the world's history its 
scattered population followed a nomadic life. 
They dwelt in tents and drove their grazing herds 
over trackless plains. Their wants were few and 
simple, their government patriarchal. When they 
encroached upon each other they could say like 
Abraham to Lot, Is not the whole land before 
thee? If thou wilt take the left hand then I will 
go to the right." 

Under such conditions avarice could not grow 
nor oppression flourish. In time, however, they 
abode in rude villages and obeyed the head men 
of the tribe. They built huts and houses, they 
claimed proprietorship in land. Gradually their 
villages swelled into cities with temples and pal- 
aces — they studied the arts of peace and war, of 
commerce and agriculture. They had servants and 
fine linen, purple garments, ornaments of gold and 
silver, and jewels of rubies, pearls and diamonds. 

Then came money, the representative of prop- 
erty. Then came the love of money, the root 
of all evil." Then came avarice that oppressed the 
poor, and crushed the needy. 



MAN AND MAMMON. 



CHAPTER I. 

THE TYRANNY OF WEALTH. 

Early in the world's history came the tyranny 
of wealth and power — for wealth brought power, 
and power enabled avarice to gorge its insatiate 
maw with helpless victims. Then commenced the 
conflict between Man and Mammon that has raged 
through every period of the world's history. And 
what seems strange and saddest has raged most, 
and claimed most victims in the most civilized peri- 
ods of every nation. 

It was when Egypt was at the height of her 
power and grandeur that she had most slaves and 
most oppression. Then she built her great temples 
and pyramids. Then she held in bondage the 
hosts of Israel and compelled them ^'to make 
bricks without straw.'' When Greece astonished 
the world with her learning, and reared her great- 
est temples, and the Parthenon was the wonder 

7 



8 MAN AND MAMMON. 

and admiration of the world, the few rich and am- 
bitious reveled in wealth and luxury, while the 
common people dwelt in rude huts, and were cast 
into prison and sold into slavery for debt. The 
imperial diadem of Rome^ in the zenith of her 
world-conquering grandeur, was sold by the Pre- 
torian Guards for gold and silver to the highest 
bidder. And avarice and oppression, twin monsters 
of Mammon, ran riot in her streets and claimed 
their worshippers in the Forum and Pantheon, 
and that, too, when the voice of Cato and Cicero 
was heard in eloquent appeals for manhood and 
liberty. 

Venice, in the height of her power, robbed 
Greece and Asia-Minor to beautify and enrieh her 
temples and palaces. France, in her conquests, 
despoiled Italy and Egypt. England, in her great- 
est civilization, has been the world's octopus. She 
has seized principalities and empires from all con- 
tinents, and gathered booty from all lands and the 
islands of the sea. 

Thus has Mammon, the god of riches, sharp- 
ened the wits of her devotees in every age. And 
the more enlightened the times the stronger the 
grasp of avarice, the sharper the teeth of greed — 
the more hidden and corrupt the devious ways to 
wealth. 



MAN AND MAMMON. 9 
THE world's energies EXPENDED IN ENSLAVEMENT 
OF THE RACE. 

Sad and astounding is the fact that the ener- 
gies of mankind have been expended in the enslav- 
ment rather than the Hberation of the human race. 
Every generation has sat like a stupid image of 
Buddha on the breast of its own aspirations. The 
heroes and patriots who have struggled to break 
the fetters of Mammon and oppression have been 
treated as the common enemies of human peace 
and happiness, when they were its saviors and 
benefactors '^of whom the world was not worthy.'' 
It is a great fallacy that every age has conceded to 
man all the freedom he was fit to enjoy. No age 
has done so. Every age has had its despotic czar, 
and every reformer threatened with a Siberia. 

The mammon of selfishness and the greed of 
wealth are the twin giants of oppression that have 
slain the hopes and happiness of men, and strewn 
the earth with its hecatomes of misery and ruin. 
Their baleful shadows have encircled humanity 
with enslaving intolerence, red with innocent blood 
and the poison of distrust, until liberty seemed the 
empty privilege of agreeing with a majority often 
purchased by avarice or awed by fear. For fear 
has stood like an armed assassin at the door of free 
bought and liberty. 



10 MAN AND MAMMON. 

Wars for conquest have almost ceased. 
Hatred of aliens has given way to the broader love 
of humanity, and the nobler creed of the father- 
hood of God, and the brotherhood of man. There 
is no longer any danger of another Alexander to 
conquer the world, a Cassar to overturn empires, a 
Napoleon to crush thrones. No more can the rude 
barbarian ravage the cultured fields of civilization. 
The Goths, Huns and Vandals who destroyed 
the civilization of Greece and Rome disturb not 
the security and tranquility of modern civilization. 
Men no longer fear the devastations of fire and 
sword. No longer are men's bodies sold into 
open slavery. But a more subtle foe confronts 
humanity. It is the avarice of the rich — the greed 
of wealth — the selfishness of opulence — the Tyr- 
anny of Gold. 

Oh! love of gold! Oh! love of gain! 

The heavens bend down with a look of pain, 

To see you slay— to see your slain. 

INDIVIDUAL AVARICE AND CORPORATE GREED. 

The first great truth of history that man ought 
to be free is now generally accepted. This free- 
dom to be true emancipation must be ample and 
complete. We must not substitute for the tyranny 
of government the selfishness and tyranny of indi- 
vidual avarice, or the organized oppression of cor- 



MAN AND MAMMON. il 

porate wealth. Organizations are conducted in the 
interest of a few beneficiaries, and man is only a 
secondary consideration. He is despised, neg- 
lected, while it is honored, feared, crowned with 
flowers, and decked with gold. This is wrong. 
Man is more important than organizations, and the 
people are paramount to the interests of corpora- 
tions, syndicates and trusts. 

They should not be enthralled by discriminat- 
ing laws. They should not be legislated to pover- 
ty or crushed by the tyranny of gold. 

Mr. Gladstone in his most recent utterance 
sounds a warning note against the encroachments 
of wealth when he says, Wealth is a good ser- 
vant but a bad master, and there is no master who 
has the power of degrading the human being more 
than the unchecked dominance of wealth." 

History proves that man is greatest when his 
heart and brain and limbs are unbound and the 
individual life, soul and emotions are not ex- 
tinguished by cold avarice, or pinching penury, or 
obdurate forms of laws, or aggregations of wealth 
that make existence of the masses a hopeless 
struggle for bare necessities. His triumph and 
glory is when he is free from these, and has an 
equal chance to toil, to advance; with sufficient 
leisure to learn to think; to become cultured — to 



12 MAN AND MAMMON. 

be a man. Then he fling's out both hands to g^rasp 
the stars and the universe, and then is the voice 
of the people the voice of God." 



CHAPTER II. 

FREE SILVER THE PRESENT FINANCIAr. ISSUE. 

But we must drop dissertation and come down 
to the paramount financial issues. The present 
proclaims "the irrrepressible conflict" between 
Man and Mammon — the revolt of the masses 
a^e^ainst gold tyranny. Lincoln truly said, "No 
question is settled until it is settled right." Agi- 
ation will continue and the conflict rage until g^old 
slavery, the curse of the world, shall cease, and 
silver be restored to its former place in our finan- 
cial system, and that of the world. 

It was a mistake and a crime to degrade or 
destroy one-half the standard money of the world. 
But it was not done by the consent- of the peo- 
ple of any country. They did not have even the 
opportunity to discuss and pass upon it. But it 
was accomplished by the conspiracy of wealth, and 



MAN AND MAMMON. 13 

the scheming avarice of gold owners and million- 
aires. 

Gold and silver in all the ages had been uni- 
versally adopted by mankind as the twin money 
metals of the world. They had been used as such 
from the earliest dawn of history, and " from the 
time whereof the memory of man runneth not to 
the contrary. " 

It would seem that silver and not gold was 
first generally used as money. The first record in 
history of the use of money was when Abraham 
bought from the sons of Heth the Cave of Mac- 
pelah for "400 sheckels of silver,'' current money 
with the merchant. 

Thus silver and gold had walked side by side 
through all the past, since the use of money was 
known. They had smiled equally upon commerce, 
equally upon the debtor, and creditor, and consti- 
tuted the standard and redemption money of the 
world. And the only money recognized by our 
constitution. 

But in recent times the avarice of the few 
overcame the good of the many. This was with- 
in the last twenty-three years. Gold was the 
money of the rich and they resolved there should 
be no other real money. They would strike down 
silver, so that they might corner gold and compel 



14 MAN AND MAMMON. 

all nations to struggle for it. Thus they could hold 
it in their hands as a lemon to squeeze all the juice 
of prosperity out of every nation as fast as it accu- 
mulated. 

In accordance with this purpose, by legislation 
they maimed silver so that it could not walk on its 
own legs, and appointed their now disreputable 
partner, gold, to carry it around thus disabled. 

THE GOLD STANDARD NOT THE STANDARD OF 
CIVILIZATION. 

Was it in the interest of humanity ? In the 
interest of commerce or civilization? In the inter- 
est of freedom, or the prosperity and happiness of 
the great masses? 

Never! Impossible! It was the assassin of 
prosperity — it was the dagger of avarice. It was 
the mailed hand of tyranny — it was the sceptered 
blow of kings, princes and millionaires in the 
face of freedom, and on the brow of the people. 

A few millionaire bankers and financiers by 
undue influence and dubious ways have fastened it 
upon every country that is now cursed with its 
baneful influence. It has brought degradation not 
alone to silver, but to the people, and to all the 
products of their labor. The people of no civil- 
ized country had the opportunity to discuss and 



MAN AND MAMMON. 15 

approve it, before it was fastened upon them by 
the machinations of the gold power. It was done 
secretly or by the hurried dictation of rich finan- 
ciers without consulting the people or giving their 
legislative representatives a chance to consult them. 
The people of no civilized nation have ever ap- 
proved the gold standard. On the contrary where- 
ever it exists to-day they are dissatisfied with it, 
and striving to overthrow it. 

The gold standard is not the standard of civ- 
ilization or commerce, but the standard of the rich 
and avaricious few — who have undertaken in the 
last twenty-three years to prey upon both civiliza 
tion and commerce. 

Civilization was at its high tide under free 
silver. Commerce had made its most colo ssa 
strides and covered the world with its ships and 
railways under free silver. Nearly every great 
discovery and great invention was accomplished 
before the gold standard was adopted. 

England had fought all Europe, and conquered 
Napoleon, and wrapt her empire around the world 
before she demonetized silver. She was greater . 
and had more commerce and wealth on free silver 
in proportion to the rest of the world than she has 
today on the gold standard. She stopped the free 
coinage of silver for the selfish benefit of her mil- 



i6 MAN AND MAMMON. 

lionaire bankers and merchant money ioaners, 
and not for the good of the masses of her peo- 
ple. And no other nation in the world has ever 
had the same selfish reason. The United States 
was the next to demonetize silver. She did it in 
1873, but it only took effect when she resumed 
specie payment on January i, 1879. Sixteen and 
one-half years ago. We had then attained the 
highest summit of our civilization and power on 
free silver. We had fought three foreign wars, 
and successfully ended the greatest internecine 
conflict in the world's history. We were then the 
most enlightened and enterprising people on earth. 
We have rather retrograded than advanced from 
that day to this. 

France had conquered Europe and attained her 
zenith of wealth and power before 1876 when she 
demonetized silver. So with Germany and all the 
other gold nations — they reached their summit of 
wealth and power under free silver. And since 
have had more dissatisfaction, stagnation and bank- 
ruptcy, than ever before known in modern history. 

WHY ENGLAND DEMONETIZED SILVER. 

England demonetized silver in 18 16 because 
she was then, as now, the great creditor nation of 



The first demonetizer of silver, Nathan Meyer Rothchild, 
spreading a falsehood to create a panic. 



MAN AND MAMMON. 



19 



the world. At the time shehad neither silver or 
gold, and had been compelled to carry on long 
wars on paper money. But her sagacious finan- 
ciers and enterprising merchants and money loaners 
found gold was the dearest and scarcest money and 
hard for their debtors to get, and they were the 
great creditors of the world, so they adopted the 
gold standard. Not in the interest of the many, 
not for the benefit of the people, but to increase the 
gains of her Rothchild bankers, her titled million- 
aires and the entailed fortunes of her nobles and 
princes. Nathan Meyer Rothchild was then in the 
prime of his great fortune and career. He was 
present at the battlefield of Waterloo^ and it is a 
matter of history that as soon as he found that Na- 
poleon was defeated, he hired fast horses and rode 
with all speed to the channel where he hastily 
crossed over into England and spread the report 
far and wide that Napoleon was victorious and the 
allied armies defeated. Reaching London he 
threw it into excitment and panic by his false re- 
port and then sent out his secret agents and brok- 
ers to buy from the panic stricken people their 
hard earned savings in British bonds or consols, 
and made, it is said, two millions dollars by his 
damnable falsehood. This same avaricious Roth- 
child within a few years after he had thus landed in 



20 MAN AND MAMMON, 

England with this brazen lie upon his hps, with 
others of his kind, forced the demonetization of sil- 
ver in England. 

This man — this peddler of falsehoods was the 
first demonetizer of silver. And his family have 
followed the same brazen example of selfishness. 

This man and a score of his like have controlled 
and dictated the financial policy of Great Britain 
from that day to this. 

England has a reason for the gold standard 
that no other nation can claim. It is a supremely 
selfish reason, and is, therefore, thoroughly Eng- 
lish. This reason has been crystalized by Mr. 
Gladstone into the following language : " The rest 
of the world owes England ten billion dollars, and 
we want only one kind of money and that the 
best." As this is three times all the gold in the 
world it means English commercial domination and 
financial supremacy. It means the selfishness of 
one nation absorbing the wealth of all others, and a 
non-producing, money-lending nation impoverish- 
ing the wealth producing nations of the world. 
This reason translated — is Shylock demanding the 
pound of flesh nearest the heart — avarice snatching 
bread from the mouth of nations to gorge its 
pampered rich, and maintain financial tyranny. 

The result of the gold standard in England is 



MAN AND MAMMON. 



21 



that sixty thousand persons out of thirty-five mil- 
lions own every acre of the British isles. The 34,- 
940,000 are tenant hewers of wood and drawers 
of water." A sample of what America will soon 
be under the same system. 

Now can any American, can any honest man 
approve the reason or purpose of England in de- 
monetizing silver. It is plain it was not done by 
her people in the interest of her people, but by the 
millionaire money loaners in their own selfish inter- 
ests. 

SILVER THE UNIT OF VALUE FOR A CENTURY. 

Our forefathers wisely selected the silver dol- 
lar as their unit of value. This is now admitted 
by all. Not only did they put it in the law, but 
they had moulded on the circular rim of the silver 
dollar in their earliest coinage ^ ' one dollar or 
unit." 

It was the people's money, the practicable 
useful metal money of the world. Washington, 
Jefferson and Jackson and all the patriots approved 
the free use of silver as standard money, and re- 
ceived their salaries therein. What was good 
enough for them ought to be good enough for 
Wall street, the Morgans and Rotchchilds. There 
has been no new metal money discovered since their 
day — and no improvement upon the metal money 



22 



MAN AND MAMMON. 



that then existed. The number of grains of pure 
silver in a dollar has never changed from the days 
of Washington to the present day. Not so with 
gold, it has changed. The silver unit has remained 
the same. The act of congress of April 2, 1792, 
required 371% grains pure silver, the same as now. 
The act of June 23, 1834, which changed the ratio 
between gold and silver from 15 to i to 15.988 to 
I, commonly called 16 to i, changed the gold dol- 
lars from 27 grains to the present 25.8 grains, but 
while it slightly changed the weight of standard 
silver from 416 to 412^ grains, the amount of pure 
silver was left unchanged at 371 ^ grains. 

Thus the silver dollar remained the unit of 
value until it was demonetized by the act of Feb- 
ruary 12, 1873, by dropping the silver dollar from 
the list of coins authorized to be coined at the 
mints. 



MAN AND MAMMON. 



23 



CHAPTER IV. 

THE CRIME OF 1 873. 

This act, known as the crime of 1873^ was 
passed surreptitously as to, and was unknown to be 
the demonetization of silver at the time it passed. 
Certain provisions of the bill, which made the mint 
a bureau of the Treasury Department and created 
the office of director of the mint, were discussed at 
the time of its passage, and at various times pre- 
viously. But the destruction of the silver dollar, the 
unit of value, was not discussed or mentioned by 
any one in any debate on said bill, or announced 
by any newspaper or correspondent. 

All members of Congress who have expressed 
themselves^ and they are many, have claimed they 
knew not that the silver dollar was stricken out at 
the time they voted for the bill. President Grant 
repeatedly stated he did not know it or he would 
not have signed the bill. Only John Sherman, 
chairman of the committees of conference, claims 
any knowledge of this fact. And it has been fre- 
quently stated by those best informed, that this 
criminal fraud and outrage on an unsuspecting peo 



24 



MAN AND MAMMON. 



pie lay between John Sherman and the engrossing- 
clerk who were responsible for the expunging of the 
clause providing for the coinage of the silver dol- 
lar from said bill. This is said to have happened 
too when a distinguished representative of the 
English gold interest was present in Washington 
to wield a sordid influence over its financial legis- 
lation. The dispute between the silver and gold 
men is not whether this bill was called up and 
discussed in congress. That is admitted by all 
parties, but the friends of silver claim that while 
many of its provisions were discussed, that sec- 
tion which dropped the silver dollar was not dis- 
cussed or known at the time of its passage as hav- 
ing been left out. And this discovery afterwards 
created profound surprise and indignation among 
the people of the United States. Mr. Carlisle and 
other gold orators tell with great gusto how many* 
times the bill was called up and discussed, but that 
is misleading and deceptive. They have utterly 
failed to show that any one discussed the clause 
that dropped the silver dollar from the list of coins 
authorized to be minted. 

But be this as it may, the people of the United 
States were betrayed, tricked and deceived in the 
house of its representatives. Without warning 
they were sold like Joseph by his brethren into 



MAN AND MAMMON. 25 

slavery to the ''Midianitish merchants" — to the 
alien worshipers of gold. Then came the panic 
of 1873 with its ruin and bankruptcy. 

This destruction of the silver dollar as soon as 
discovered caused a storm of indignation all over 
the United States that almost swept the Republi- 
can party from power. It elected Samuel J. Til- 
den in 1876, and carried through the Bland- Allison 
bill of F'ebruary 28, 1878, over the veto of Presi- 
dent Hayes. This act restored the silver dollar of 
412^ grains standard, and 371 ^4 grains pure silver 
to the list of coins, made it a full legal tender and 
authorized the purchase of from two to four million 
dollars worth of silver bullion monthly for coinage 
into silver dollars. This gave protection to silver. 
Then confidence and prosperity was again restored, 
and hopeful business activity took the place of the 
panic of 1873. 

Times improved and the silver sentiment grew, 
and in 1890 a free silver bill was about to pass in 
congress, when John Sherman, the Judas of Amer- 
ican finances, forced through a compromise bill^ 
known as the Sherman bill, passed July 14, 1890. 

This bill directed that silver bullion to the 
amount of 4,500,000 ounces should be purchased 
monthly, and Treasury notes be issued therefor, 



26 MAN AND MAMMON, 

and that the coinage of silver dollars should cease 
after July i, 1891. 

Mr. Bland, the veteran incorruptible friend of 
silver and others opposed this bill because it took 
away the money quality of silver, and made it sim- 
ply a commodity, and piled it up in the treasury 
as a menace to the bullion value of silver the world 
over. And so it proved, for the bullion value of 
silver decreased the world over from that time. 

CLEVELAND A DISAPPOINTMENT. 

Alter the election of Mr. Cleveland in 1892, 
and a Democratic congress, it was the wish and 
expectation of the great masses of Democracy that 
silver should be restored^ and the aristocratic gold 
power be relegated to the rear. For twenty years 
the Democratic party had fought the Republicans 
because they had demonetized silver. Every 
Democratic speaker from Main to California, on 
every stump where he championed his party's 
cause, arraigned the Republican party for the crime 
of 1873 — for its attempts to destroy the people's 
money. 

But what was the dismay and chagrin of the 
Democracy to find their chosen leader desert to 
the gold power, and endeavor to betray his owa 



MAN AND MAMMON. 



29 



party^ and turn it over, uound hand and foot, to the 
John Sherman gold-bug wing of the Republican 
party. 

It is true that in his letter of acceptance he 
construed the bi-metallic plank in his party's 
platform, most favorable to gold, but none could 
infer from that, that he would deliver his 
country into the hands of Wall street, and place 
its prosperity at the caprice of foreign gold syndi- 
cates. But such, alas! seemed the object and re- 
sult of all his purposes. 

Soon after his inauguration, encouraged by his 
secretary of the treasury, the nine national bank 
presidents of New York began to manufacture 
the bankers' panic to force the repeal of the Sher- 
man act. And for this purpose, also, Mr. Cleveland 
announced he would give the country ^*an object 
lesson," and soon after called Congress to meet 
on the 7th day of August in a message calculated 
to produce a panic or a revolution. 

Finally after several months of discussion and 
delay, in which the metropolitan press heaped 
mountains of indignant scorn upon a patriotic Sen- 
ate for refusing to concur in a repeal without some 
protecting legislation for silver — the Sherman act 
was repealed. The silver men were in favor of its 
repeal, but demanded some legislation for silver. 



30 MAN AND MAMMON. 

This was promised, but the promise has never been 
fulfilled. The president and gold standard men 
claimed the repeal of the Sherman bill would bring 
prosperity and confidence. But all their promises 
proved delusions, and we have had panic and semi- 
panic ever since, and must continue to have as 
long as the struggle for gold continues and the 
government undertakes to supply the gold specu- 
lators. This suicidal policy is remarkable when 
the government contracts, moneys and bonds are 
payable in coin, which includes silver, of which 
the government has $496,562^ 41 3 in its treasury. 
With this large amount of silver on hand, bonds 
have been issued to buy gold — issue after issue — 
increasing and perpetuating the national debt. 
And thus gold slavery continues the supreme folly 
and crime of the age. 

NOT DEMONETIZED BECAUSE OF OVER-PRODUCTION. 

The believers in the gold standard say silver 
was demonetized because of over-production. But 
this is not true. There never was over-production 
of either of the precious metals and never likely to 
be. The demand is unlimited and the supply nec- 
essarily limited. There is not enough of cither or 
both for the needs of the world. Silver was not 



MAN AND MAMMON. 



demonetized because of over-production, for gold 
was increasing more rapidly than silver. Gold has 
increased one billion dollars faster than silver in the 
last twenty-eight years. 

Here is v/hat the great German authority, 
Otto Arendt, says: "What silver wanted was not 
the demand, for that is unlimited. Silver has 
never yet lacked purchasers. The abolition of the 
double standard has brought monetary anarchy. 

* 'The Americans ignored the great fundamental 
laws of circulation in trying to save silver by the ex- 
periments of the Bland and Sherman laws. What 
has been lacking is the fixed place of exchange be- 
tween silver and gold, which can only be created 
by unlimited demand for both precious metals at a 
fixed ratio of value. 

Hence limited coinage or limited purchase, 
such as was made in the United States from 1878 
to 1894 are altogether inadequate. They wrought 
harm to the bi-metallic cause, because their failure 
was exploited by the gold party, and because they 
stimulated silver production. 

^^Had the United States declined every com- 
promise and solely aimed at bi-metalism, the silver 
depreciation and the scarcity of gold^ would have 
caused a transition to bi-metalism long ago. 

This is sound and judicious logic, and shows 



32 MAN AND MAMMON. 

the true way to bi-metalism is the legal restoration 
of silver coinage at the mint. This is the same au- 
thority that Mr. Whitney in his anti-convention 
appeal quotes so approvingly. 

INCREASE OF GOLD OVER SILVER. 

Gold and silver appear from the earliest rec- 
ords to have been co-extensive with the life of 
man, and silver especially, has had a beneficial ef- 
fect upon the prosperity of every great nation. 
Egypt and Greece felt its influence, and Rome had 
its greatest prosperity after the discovery of the 
silver mines in Spain. Spain had her greatest 
prosperity from the silver mines of America. From 
the mines of Croesus to the Mackey-Fair Com- 
stock mines of recent date, the increase of silver 
has marked the high tide of commercial prosperity 
in every nation. 

Gold^ until recent times, was too limited in 
use and quantity as money to equal the white metal 
in its beneficence to mankind, and in ancient times 
was chiefly used for ornaments, and is still used 
for ornaments in two continents — Asia and Africa. 

According to Dr. Saetbeer, of Gottingen, an 
eminent authority, the world's production of gold up 
to 1850 was 150,000,000 ounces. Since 1851 itis 



MAN AND MAMMON. 33 

265,000,000 ounces, or an increase of about 70 
per cent, greater than the previous three hundred 
and fifty-eight years, while silver lacked about 
thirty per cent, of catching up with the previous 
production during said years. Again the annual 
production increased rapidly since 1850, and has 
doubled since 1890. The gold product in 1890 
was 5, 749,000 ounces, and in 1895 it was 9,500,- 
000 ounces, while silver production in 1890 was 
137,171,000 ounc(is, and in 1895 165,000,000 
ounces. 

Thus while gold doubled in five years, silver 
only increased about twenty per cent, and this was 
the average increase for the decade preceding 
1873. taking the figures of the two metals 

from 1867 to 1896, a period of twenty eight years, 
gold shows an increase of about one billion dollars 
over silver. 

If ofold has increased one billion dollars faster 
than silver in the last twenty-eight years, or forty- 
five years as some contend, then it is apparent that 
over-production of silver was not the cause of its 
demonetization, for if that had been the reason, 
gold and not silver would have been demonetized. 

SILVER WAS AT PAR WHEN DEMONETIZED. 



Silver was at par with gold in 1873, being 



34 MAN AND MAMMON. 

worth $ 1 .298 when demonetized. For many de- 
cades previously it had maintained an average pre- 
mium of two per cent over gold at the ratio of 16 
to I. During 1873, when demonetized, and in 
1874, the silver dollar commanded a premium in 
London of one and a half pence, about three cents 
in our money. Since 349 B. C, the earliest rec- 
ord, silver had been at par with gold at 16 to i, or 
less ratio, making an unbroken record of over 2,- 
200 years. 

If silver was not increasing as rapidly as gold, 
and was not depreciating in value, and we were not 
on a specie basis, and were not using either silver 
or gold, what was the motive for destroying silver 
by legislation? 

The author of Bullion versus Coin, one of the 
notable hard heads, says: " It was an extraordi- 
nary crime for Congress to declare with malice 
aforethought that we should not coin what we did not 
have,'' referring to the fact that we had no silver 
or gold at that time. 

This does not excuse or paliate the crime, for 
Congress was then preparing for resumption of 
specie payment when the crime would become op- 
erative. Such reasoning is falacious and immoral 
and would justify robbery, provided the conse- 
quences were not felt immediately by the victim. 



MAN AND MAMMON. 



35 



CHAPTER V. 

AVARICE OF THE RICH THE ONLY MOTIVE. 

There was no motive for demonetizing silver 
but the avarice of the rich — the scheming ol 
milHonaires to corner the money of the world for 
their own selfish benefit. Gold is the money ot 
the rich only. Less than one hundred millionaires 
in Europe and America, own or control two-thirds 
of all the gold of the world. The Rothchilds alone 
claimed 1 1,600,000,000, which is almost one-half of 
the world's supply. 

In whose interest, then, is the gold standard? 
^ *A wayfaring man, though a fool," must know 
that the gold standard is for the benefit of the few 
gold owning millionaires. They must also know 
that it is against the interests of the people, and the 
prosperity of the masses. That it tends to pro- 
duce scarcity of money, depression in business, 
low prices for property, and continuously threatens 
panic and bankruptcy. This must be so in the very 
nature of things. The scarcity of gold and the con- 
tinous struggle for it, causes it to rise in value and 
purchasing power^ and all other money and prop- 



^6 MAN AND MAMMON. 

erty to fall in proportion as it rises. Thus by legis- 
lating gold as the only standard or redemption 
money you legislate the value out of the property 
and products of the world. When this is done 
there is nothing left on which confidence can rest, 
and the result is depression and financial ruin. 

k 

NOT ENOUGH OF BOTH METALS. 

There was not enough of both metals for the 
money of the world, and to strike down one-half 
was to destroy one-half the property values, 
double the debts of the debtor, create a fictitious 
demand for gold and increase the wealth of the 
money loaner and bond holder. Let us see if this 
is correct. If money is the representative of prop- 
erty, then the total property of the world is repre- 
sented by the total standard money of the world. 
To destroy or degrade one-half of the standard 
money of the world is to destroy or degrade half 
the property values of the world. 

Let us illustrate with other commodities. If 
there was only sufficient wheat to supply the world 
until the next crop, and one-half of it was destroyed, 
would not that double the value of the wheat not 
j destroyed? In so doing would it not double its ex- 
change value or purchasing power of all other 



MAN AND MAMMON. 37 

commodities? If, previous to the destruction, one 
bushel of wheat bought two bushels of corn, after 
the destruction one bushel of wheat would buy four 
or more bushels of corn. Therefore, by destroying 
one-half of the wheat supply }Ou destroy one-half 
of the value of all other commodities, measured in 
wheat. 

Those who need wheat are injured by the 
destruction, and those who have wheat to sell are 
benefited. So with the money loaners, they have 
money to sell and they are benefited by the de- 
struction of silver, making money scarcer and 
dearer by one-half. They are the men who are 
glad of it, while the toiling producers must borrow 
dear money and sell cheap products. 

DESTROYING SILVER DOUBLES THE PURCHASING POWER 

OF GOLD. 

And so with the world's supply of standard 
money by destroying one-half thereof, you double 
its purchasing power and destroy one-half of the 
value of all property and products as measured in 
that money. By so doing is it not plain that you 
double the debts of all debtors, because it takes 
twice as much of the debtor's property to pay the 
debt as it did previous to the destruction of half 
the world's standard money. In other words he 



38 MAN AND MAMMON. 

pays a 200-cent dollar in purchasing power when he 
received only a loo-cent dollar. 

Take the farmer -for example before the de- 
struction of silver as standard money, he received 
li.oo and $1.25 per bushel for his wheat. If he 
owed $1,000 and had 1,000 bushels of wheat he 
could sell it and pay the $1,000 he owed. But now 
he can only sell it for 50 cents — this pays only $500 
and leaves him $500 in debt which, with taxes 
and interest, and proportionate low prices of pro- 
ducts takes his farm and leaves him and his family 
homeless tramps. Take the government for ex- 
ample, at the close of the war it owed about two 
and one-half billion dollars, it has paid over four 
billion dollars principal and interest, and reduced 
the debt to about one billion. It now takes more 
wheat, corn, oats, cotton and other products and 
property to pay the one billion we now owe than it 
did to pay the two and one-half billion dollars when 
contracted. Thus the United States, after paying" 
a billion and a half on its principal, and three bil- 
lions interest is as much in debt as if nothing had 
been paid. That is measured in all products and 
property. And this is but a sample of all other 
debtors in the last twenty to thirty years. Is it 
any wonder there is panic and bankruptcy? Some 
ingenious reasoners say the low price of products 



MAN AND MAMMON. 39 

is caused by the increased production of the wheat- 
fields of E^ypt, India, Russia and the Argentine 
RepubHc. 

But they should remember these are old com- 
petitors, except the Argentine Republic, and the fa- 
cility for distribution and the increase of population 
make up for the increased production. This argu- 
ment does not answer the question. No new fields 
have been opened up in Egypt or India in a thous- 
and years and but few in Russia in recent times, the 
new fields of South America with their Mosaic sys- 
tem of culture can not account for so great a change. 
It is found elsewhere in the struggle for gold which 
has produced financial paralysis and commercial 
stagnation . As gold goes up property and pro- 
ducts go down. Besides it is not wheat alone that 
is down^ but all products and property — every- 
thing but gold. Gold has increased in production 
almost as fast as wheat. Why does not the same 
law apply to gold? 



40 



MAN AND MAMMON. 



CHAPTER VI. 

/ 

ALL PARTIES FOR BIMETALISM. 

Why should we have bimetalism? Because it 
prevents the rich from cornering the money of the 
world, and destroying the property of the masses. 
All partys agree that bimetalism is right and best. 
But some say wait until other nations join us in the 
movement. Since all acknowledge the principle is 
right, the plea for delay — wait for others — is cow- 
ardly and humiliating, delusive and hypocritical. 

We did not wait for other nations when we de- 
monetized silver, and we should right our own wrong 
regardless of the protests of the millionaire gold 
owners, who have taken advantage of that wrong. 

Why should we wait? We had no reason for 
the crime of 1873. It was committed secretly by 
the scheming of the gold power, and was without 
the knowledge or consent of the people, or any 
large number of their representatives. It was a 
fraud upon the nation, a violation of the constitution 
and a crime against humanity. We did not even 
have the selfish excuse of England, that the rest of 
the world owed us three times all the gold in the 



MAN AND MAMMON. 41 

world, and therefore, we wanted to treble the 
value of the dollars we loaned. England was the 
only country before us that had committed this 
suicidal crime against humanity. She did it years 
before and had at least an excuse for so doing. We 
had none, and no nation for liearly sixty years was 
so cowardly avaricious as to follow England's dire- 
ful example. Why should we be meaner than the 
rest of the world ? 

OTHER NATIONS FOLL©WED OUR EXPERIMENT. 

Our example in striking silver down caused 
other nations to follow us, and in August, 1873, 
six months after we did this crime, Germany de- 
monetized silver, and France followed three years 
after. 

Thus the United States, supposed to be a na- 
tion of free people, struck the most deadly blow 
against human freedom and human prosperity 
known in the history of modern times. 

For its whole tendency was to reduce the peo- 
ple to helpless penury, and place them at the mercy 
of a gold oligarchy. And from financial slavery it is 
but one more step to political slavery. 

Why should we follow England or cause other 
nations to follow us at the behest of Mammon to bow 
to the cursed slavery of gold? We are powerful 



42 MAN AND MAMMON. 

enough and rich enough to have a financial poHcy 
of our own, and throw off the yoke of financial 
slavery to Great Britain and the Rothchilds. 

We should have a policy in accord with hu- 
manity and the prosperity of the people. We are 
a government of the people, and oiir laws should 
be for the benefit of the people, and not for the 
avaricious greed of monopolies and millionaires. 
The Jeffersonian principle of the greatest good 
to the greatest number," and protection for the 
least and weakest, as well the great and powerful 
should predominate in all our laws. 

NO REASON W^HY WE SHOULD WAIT. 

There never has been international money and 
never likely to be. International bi-mctalism is 
about as probable as an international tariff, and its 
advocacy is a pretense and a fraud. 

It is not any nearer consummation now than 
ten or twenty years ago. Though the people of 
all gold countries want it, the millionaire bankers 
and financiers control legislation and prevent it. 
And will continue to do so. Those who talk of an 
international bi-metalic commission do so to deceive 
the people and make delay in the settlement of this 
question. They have been using this deception 



MAN AND MAMMON. 43 

for many years, till they have worn it thread bare, 
and are waiting hoping the clamor of the people 
will cease and the gold standard will forever be 
fastened on this country in the interest of gold oli- 
garchy. Why should we abdicate self-government 
on this question, 'when we assume to make our own 
laws on every other? We are again fighting the 
battle for independence from all other nations, and 
for the right of self government 



44 



MAN AND MAMMON. 



CHAPTER VII. 

BI-METALISM AND CONCURRENT CIRCULATION ARE 
DIFFERENT. 

Mr. Carlisle, in his speech at Chicago, and 
others, claimed we never had bi-metalism because 
gold largely went out of the country from 1792 to 
1834, and after that silver left us and gold re- 
mained because of the change in the ratio. This 
is not discussing bi-metalism, but concurrent circu- 
lation of gold and silver in equal amounts. Ac- 
cording to them there can be no bi-metalism unless 
there are as many gold dollars as silver dollars in 
circulation at the same time, and vice versa. 

This is a subterfuge and a sophistry. Bi- 
metalism from their version of it, requires every 
citizen to carry as many gold dollars in one pocket 
as he carries silver dollars in the other — an impos- 
sible absurdity — that has nothing to do with the 
question. 

Bi-metalism is the free, unlimited coinage of 
both gold and silver as standard or primary money. 

Concurrent circulation of both metals in equal 
mounts has never been attempted or maintained 




Mr. Cleveland's emisaries trying to pursuade the eminent 
. English bi metalist, Mr. Balfcur, that he is a crank. 



MAN AND MAMMON. 47 

by any nation on earth, and never will be under 
any system. 

As to circulation there is no country in the world 
where silver does not circulate more abundantly 
and freely than gold. Gold is a theoretic money. 
In good times no one cares for it. In hard times 
no one can get it. It is not in general use as cur- 
rency in many countries but more as a basis for pa- 
per money. When Mr. Carlisle and others speak 
of so many millions in circulation, they don't mean 
actual circulation, but that so much is locked up 
in the bank and treasury vaults — held as reserve — 
that rarely sees the face of man or the light of day. 
It is lar^e metal value in small compass to hide or 
run off with in an emergency. 

Of the gold of the United States about one- 
half is held as reserve by the banks, and one-fourth 
as reserve by the government — and there is not 
fifty millions in circulation. It is simply dead use- 
less hoarded wealth. And the country would be 
better off if it held its value in iron, copper, zinc, 
tin or any useful metal; or any article of commerce 
like wheat, corn or cotton. 

SILVER STILL MEASURES THE VALUE OF THE WORLD^S 
PRODUCTS. 

Silver is the practical, useful, active metal 
money of the world. It is in general use by all 



48 MAN AND MAMMON. 

the fifteen hundred millions of its people, while 
scarcely a million or two use gold orenerally as a 
currency. 

Silver fixes the value of the property and pro- 
ducts of the world, and has done so from the earli- 
est ages of its history. The toilers and producers 
of the world's wealth have been paid in this metal 
since the beginning of commerce. 

The gold standard men say gold is the money 
of the world, but it is false. Gold is the money of 
the rich, and only the rich. The)' alone hoard it 
in hard times and gamble with it in good times — 
and juggle with it at all times to ruin the masses. 

They say that silver is at a discount — that it 
has depreciated. That its commercial value has 
decreased one-half and that it is only a fifty cent 
dollar. It is a slander on silver. You can melt a 
silver dollar down, and at its bullion value today it 
will buy as much wheat, corn, cotton and other 
property, except gold, as it would twenty or twen- 
ty-five years ago, or before it was demonetized. 
The fifty or fifty-six cents of bullion silver will buy 
as much as the socalled one hundred cents in 1873, 
in everything but gold. Then gold has gone up 
and silver has not gone down, measured by its 
commercial value. If you have degraded silver, 
the commerce it has ever ruled, and the values of 



MAN AND MAMMON. 49 

the world which it has ever fixed, has followed it, 
that is all. But it has not gone down except in 
comparison with gold. The commercial value of 
silver is as great as it was when it was conspired 
against and assassinated. It will buy as much of the 
forty-four articles of commerce as when it was de- 
monetized. Legislation has fixed a fiat value upon 
gold, and created a fictitious demand for it, and 
thereby made a one hundred cent dollar a two hun- 
dred cent dollar in purchasing poiver. 

And the people and nations who , produce 
wealth receive a one hundred cent dollar for their 
products, and pay a two hundred cent dollar to the 
people and nations who loan money and hold 
bonds and fixed investments. Thus the rich and 
the usurers flourish and the people are impoverish- 
ed and ruined. The farmer cannot sell the pro- 
ducts of his farm for sufficient to pay his taxes, 
and his labor is for naught. 

The laborer cannot find employment because 
there is no profitable industry^ and becomes an un- 
willing wanderer and homeless tramp. Manufact- 
urers close their profitless business and commerce 
languishes. 



50 



MAN AND MAMMON. 



ONLY THE USURER BENEFITTED BY THE GOLD 
STANDARD. 

Only the usurer flourishes. Even he must 
sustain some loss, for the shrinkage in his securi- 
ties at times, almost overcomes the profit on the 
two hundred cent dollar he exacts. 

He aimed to contract the currency. He aimed 
to make money dear. He has made it so dear it 
caiinot be obtained. He wanted good money — 
"sound money." He has made it so good no one 
can get it, and so ''sound'' its rattle is only heard 
in bank vaults. 

The usurer has ever been a cunning animal — 
a kind of wolf and hyena to prey on unfortunate 
humanity. He was forbidden by the scriptures, 
and was supposed not to exist in a Christian land, 
but he still feeds on the life-blood of the living and 
picks the bones of the dead. 

He has ever endeavored to contract and con- 
gest money, and will answer the needy like Shy- 
lock, '4s it possible for a dog to have money? 
Can a cur lend ten thousand ducats?'' 

Or, ''My friend, money is dear!'' Of course 
it is dear, he has spent his life lo make it dear. 

Bejgium, Germany and Austria, in the fifties, 



MAN AND MAMMON. 51 

demonetized gold because they thought that the 
discoveries of gold in California would make it too 
abundant. And a leading financial periodical in 
London is now advocating the restriction of gold 
coinage. Where will this demonetization end? 
Will the Shylocks de mand diamonds? 

The New York Tribune says ''the world never 
had as much money as now." True; never has 
there been so many people. So many needs for 
money. So many debts to pay as now. Never 
was money congested in banks, or an unusual 
call for money attended with such serious results. 
Yet it and other great papers would deny to one- 
half the world's money the power to pay debts, 
and thus continue depression of business and con- 
gestion of money. Idle money is useless, and dull 
business can neither borrow or pay interest. 

This is why interest is low in all gold coun- 
tries. The profits on business are so low and stag- 
nation usually so great it can pay but a very low 
interest. 



52 



MAN AND MAMMON. 



CHAPTER VIII. 

THE RESTORATION OF SILVER THE ONLY HOPE OF 
PROSPERITY. 

The gold advocates say the restoration of sil- 
ver will bankrupt the country. This is untrue, it is 
its only hope of prosperity. The gold standard 
has already accomplished that sad result. It is a 
well known fact that after the bankers' panic of 
1893 force the repeal of the Sherman law, and 
its repeal that completed silver's demonetization it 
was estimated that over half the indebtedness in 
the United States was in default, and half its rail- 
roads in the hands of receivers. And we have had 
bankruptcy, panic and semi-panic ever since. 
Could free silver do worse? One railroad, the 
Atchison, Topeka & Santa Fe, whose construction 
cost almost $360,000,000, was sold for #60,000,000, 
a loss of $300,000,000. This is one of many simi- 
lar instances. Of course the big fish eat up the 
little ones. The big rich gobbled the small fry 
stock and bondholders. Another sample of a peo- 
ple's government legislating the wealth of the 



MAN AND MAMMON. 53 

many into the hands of the few. And still an in- 
dignant people cry, "How long! Oh Lord! how 
long?" 

HONEST MONEY GOLD THE MOST DISHONEST. 

And Still the usurer shouts honest money— 
''sound money.'' What is sound money — honest 
money? It is a money that does not fluctuate in 
value. A money that rises in value or purchasing 
power is just as dishonest as that which falls in 
value, but its effects are more ruinous as it bene- 
fits the few and injures the many. 

Therefore, the present gold dollar is the piost 
dishonest dollar in all the world's history. Be- 
cause it *^ reaps where it has not sown, and gathers 
where it has not strewn." It takes a moiety from 
every man that it has not earned, and adds an in- 
crement to every note, bond or mortgage which 
was not in the contract. It does not smile alike 
upon the debtor and creditor. It is too smooth for 
the horny hand of the laborer. 

It has stricken the arm of toil as with palsy, 
and the people as with the curse of penury. 

It has forced our erstwhile rich, proud and 
prosperous nation in times of peace and abund- 
ance, in about eighteen months, to issue bonds to 
buy gold and go in debt, principal and interest, 



54 MAN AND MAMMON. 

about $550,000,000. A hundred million dollars 
more than all the gold in the United States. Could 
free silver do worse? Could honest money pro- 
duce such a curse? 

Mr. Carlisle says to remonetise silver will 
drive about $620,000,000 of gold out of circulation. 
But Mr. Carlisle forgot he was speaking in 1896, 
and that in a few years we have lost, as the bureau 
of statistics of his own department shows, |i8i,- 
610,243, gold lost by excess of exportation. 
That by his own showing we have only $404,557,- 
863 of gold in the United States. 

About one-half of this is reserve in the vaults 
of the banks, and one-fourth reserve of the govern- 
ment. It is thus plain there is not and has not 
been generally fifty million dollars in gold in act- 
ual circulation. 

COULD " SOUND " MONEY PRODUCE SUCH A CURSE? 

This, too, after paying almost three billions 
dollars interest on bonds in order to get to specie 
payment. And with silver stricken down, specie 
payment means less than fifty millions dollars in 
gold in general use as money and part of the time 
none at all. What a mess of potage for a birth- 
right! 

Great God! what billions for a name! What a 



MAN AND MAMMON. 55 

flow of wealth to pamper avarice! What costly in- 
cense to burn on the altar of Mammon! What a 
hecatome of wealth and blood and misery, bank- 
ruptcy and crime to preserve the accursed slavery 
of gold! 

It appalls the imagination and fires the soul 
of freemen to remember that the little handful of 
gold we are struggling for and keep locked up has 
cost us almost four billion in money — five times 
that in shrinkage and loss of property, not count- 
ing the toil and life and bankruptcy of thousands. 
For what? For specie payment? What is specie 
payment? Under our present system it is a hand- 
ful of gold for the rich to juggle with to destroy 
the prosperity of the people. 

It has cost us five times the value of all the gold 
in the world to get gold^and yet virtually we have no 
gold! What a paradox and a crime! Oh! that the 
insanity of gold should make slaves or demons of 
mankind. 

But the gold advocates say we must continue 
this sacrifice to Mammon or we will lose our gold 
and be flooded with silver. We say the loss of our 
gold will hurt us less than to struggle for it, and 
lose everything else. It has already cost us bil- 
lions for naught. What we have does little good, 
for it is hoarded dead wealth, and does not enter 



56 MAN AND MAMMON, 

into commerce. So little of it is used as currency 
its loss will not be felt, and those who have it will 
not part with it unless it is for something else they 
would rather have. So there will be no loss of 
wealth to the country. 



MAN AND MAMMON. 



57 



CHAPTER IX. 

NO DANGER OF A SILVER FLOOD. 

As to flooding the country with silver there is 
no danger of that. All the silver in the world is 
said to make a cube of only sixty-six feet, and it 
could all be stored in the basement of the treasury 
building at Washington, and have room for almost 
as much more. Besides, no country has a surplus 
of silver; there is no large amount of silver bullion 
in the world outside of the United States treasury. 
No nation can spare any large amount of silver. 
If we get more silver it will be in exchange for some- 
thing we would rather have, and we would be the 
richer on account of it. 

Our farmers would gladly exchange their sur- 
plus products and our manufacturers their surplus 
goods for it, and at better prices. 

This would set the furnaces to burnino- the 
spindles to whirling, the spade and plow and loom 
to moving — and this would be commerce, business, 
activity and prosperity, 

But they say we would have a debased cur- 
rency. This is untrue, standard silver never was 



58 MAN AND MAMMON. 

But they say we would have a debased cur- 
rency. 

As before stated, ^old is so little in general 
use as currency, and is hid so quickly when most 
needed it scarcely deservee the name of currency. 
And when so used is often a delusion and a snare. 

WE CAN HAVE TWO STANDARDS. 

But they say we can not have two standard. 
This is false. There can and must be as many 
standards as there are kinds of metal money. They 
say that we can have but one bushel measure — one 
yardstick — and gold is that measure or yardsticks. 
This is absurd. You don't pay in bushel measures 
or yard sticks. There are as many kinds of meas- 
ures of value^ or yardsticks, as there are kinds of 
metal money. This rule also a'-.plies to ar- 
ticles of commerce. Coon skins in the west used 
to be a measure of value and means of exchange. 
The value of wheat may be measured in corn and 
so on through all the articles of commerce. 

The law makes the yardstick or fiat value of all 
money, and there must be as many kinds as there 
are kinds of metal money. 

They say why not make money out of iron or 
copper? 

This may be answered by asking why not 
make diamonds out of glass beads, or pearls out of 



MAN AND MAMMON. 59 

grains of sand? Of course it might be possible, 
but not likely, and they do not accord in use and 
value. It is true Lycurgus banished all gold and 
silver from Sparta and made iron its only money. 
This created a great race of soldiers and patriots, 
whose courage was the wonder of the world, be- 
cause it banished the avarice and arrogance of 
riches, But to put iron and copper on an equality 
with silver and gold, the precious metals — the twin 
money metals of the world — would be an absurdity, 
and does not accord with ' 'the eternal fitness of 
things. " With two great money metals there should 
be a double standard, anything else is monetary 
anarchy. 

GOLD* HAS NO INTRINSIC VALUE. 

Again they say gold has an intrinsic value, 
and a gold dollar has a dollar's worth of intrinsic 
value in it because it has 25.8 grains of gold in it. 
Another falacy: Iron, copper, zinc and lead have 
more intrinsic value than gold, because they are 
more useful to mankind. Mankind could spare 
gold much better than these useful metals. Gold 
is useless except for vain ornament or delusive 
money. There is no intrinsic value in a gold dol- 
lar. 



6o MAN AND MAMMON. 

Its value consists in a fiat value fixed by law, 
and accepted by the world. Silver, if as generally 
sustained by law, would maintain equal fiat value 
with gold; and gold, if restricted in coinage and 
value by law, would depreciate as silver has done, 
commercial value follows the legal or fiat value of 
money, and there is no such thing as intrinsic 
value in either metal. 

The delusive argument that a gold dollar is a 
sound dollar, or an honest dollar, because of its 
supposed intrinsic value comes to naught. Take 
away the legal fiat value and all that twaddle about 
intrinsic value goes with it. It would then fluctu- 
ate like any commodity of commerce dependent 
upon supply and demand. 

In proof that the legal fiat value controls and 
fixes the value and ratio of money, from 1492 to 
1700 the ratio between gold and silver was only 
10^2 to I, and that prevailed the world over be- 
cause the laws of Spain fixed that ratio, and she 
was deemed a first class nation. 

Thus for over 200 years in modern times this 
so-called intrinsic value of gold was less than two- 
thirds its present value. And in Rome, in 58 B. C, 
it was 8.93 to I, because the laws of Rome fixed 
that ratio of value. This was when there was twice 
as much silver as gold in the world, and demon- 



MAN AND MAMMON. 



6i 



strates the fact that increased production has no 
effect on the value of ^old and silver as long as 
there is an unlimited demand. As there has al- 
ways been and is always likely to be an unlimited 
demand for these metals, there can be no over- 
production and no falling in value on that account. 

Thus, when there was twice as much silver as 
gold, silver was high and gold was cheap, 8. 93 to 
I, and loj^ to i, now they are about equal, and 
gold is dear and silver is cheap. Why? Because 
the law favors gold and restricts and depreciates 
silver. Intrinsic value has nothing to do with the 
question. 

To illustrate again" there is $84,000,000 of the 
Bank of England notes that is pure fiat money, 
created by an act of parliament. The law upholds 
it and makes it as good as any other money, and 
yet it is only a piece of paper and has no intrinsic 
value. 



64 



MAN AND MAMMON. 



CHAPTER X. 

A FIFTY-CENT DOLLAR CAN BE LEGISLATED INTO A 
ONE HUNDRED CENT DOLLAR. 

The gold advocates say they cannot legislate 
a 50-cent dollar into a loo-cent dollar. Well, 
that is untrue also. If a 50-cent silver dollar now 
passes for a loo-cent dollar as they claim, then the 
thing is already done, and they are simply trying 
to deny in one way what they assert is true in an- 
other. 

If you can legislate six dollars more into an 
ounce of gold, and eight dollars more into 16 ounces 
of silver as has been done by Spain and Rome, or 
legislate 200 cents purchasing power into a dollar 
in gold as now exists, then the other is not diffi- 
cult. In all these changes commerce had little or 
nothing to do with the matter — it was simply a mat- 
ter of legislation. Lycurgus banished gold and 
silver from Sparta and made iron their only money 
for 200 years; now iron was not used for money 
by any other nation, yet iron was worth in Sparta 
just what the law said it was worth. 



MAN AND MAMMON. 65 

Our present financial legislation, by favoring 
gold, depresses the so-called commercial value of 
siver, yet as silver goes down property and 
products go down, and the so-called 50-cent dollar 
buys 100 cents worth of all the forty-four articles 
of commerce, and just as much as it did twenty 
or thirty years ago, or ever did, while a gold dol- 
lar buys two dollars worth. 

This is almost entirely the result of discrimi- 
nating legislation — commerce simply following the 
bent of legislation. 

Occasionally the gold men unwillingly admit 
that legislation affects the value of money as well 
as everything else. 

Congressman Josiah Patterson, the recog- 
nized champion of the gold standard, in his speech 
at Kansas City March 17, 1896, reported in The 
Times, said: ^'The purchasing power of the sil- 
ver dollar is not regulated by the commercial value 
of the substance that composes it, but is held on a 
parity by legal devices. For instance, if you were 
to try the gold and the silver dollar by fire, you would 
find that the gold dollar, when melted, would have 
a value exactly equal to to its purchasing powers 
when it was in the form of a coin, whereas, if you 
melted the silver dollar, the bullion would be worth 
only fifty-three cents, and would fall forty-seven 



66 



MAN AND MAMMON. 



cents short of its purchasing power in the form of 
money. Now, why is this? - It is because we have 
no free and unlimited coinage of silver. " 

So a gold standard advocate admits that the 
reason the silver in a silver dollar, when in the 
form of bullioh is not worth a dollar ' 'is because 
we do 7iot have free arid unlimited coinage of sil- 
ver, ' ' 

He admits that silver has been depreciated 
through legislation. Just what all bi-metallists 
have always claimed, but which gold advocates 
have heretofore denied. The old adage applies: 
''give a calf sufficient rope and it will hang itself.'' 
— give a gold man time and he will sometimes ad- 
mit the truth and show the iolly of his position. 
These gold men are continuous and persistent in 
calling the present silver dollar a fifty-cent dollar, 
yet if it is so they made it so, as Mr. Patterson 
states, "by denying it free and unlimited coinage." 
They should cease this cry of fifty-cent dollar, and 
if they do not, every free silver man should answer 
them: 'Tf it is a fifty-cent dollar you gold men 
made it so. You denied it admission to the mints, 
and now you call attention to your own crime. 
You should be ashamed of your own villiany and 
cease to abuse the victim of your treachery for the 
benefit of plutocratic greed.'' 



MAN AND MAMMON. 



67 



A DISHONEST ARGUMENT. 

They say the price of silver bullion since it 
was demonetized has decreased until it is worth 
only about half what it was when struck down by 
unfriendly legislation. If true, it is a dishonest 
attempt to take advantage of their own wrong, 
which is not permitted in equity. This is the ar- 
gument of a ruffian who knocks a man down and 
maims him, and then refuses to make reparation 
because the man is not as strong as he was before 
the assault. 

Let us illustrate this in another way. Wheat 
has been used for bread, like silver has been used 
for money from time immemorial. Suppose 
Congress should pass a law that wheat should not 
be used for bread. Thereupon, the principal use 
of wheat being taken away wheat falls one-half in 
price. Afterwards the people begin to starve and 
clamor for bread. What kind of base logic would 
it be for those who procured the law and cornered 
all the other provisions to say: ''They must starve 
because wheat is too cheap and the other provis- 
ions are too high. It is absurd to give them 
wheat because it has fallen one-half since they used 
it for bread.'' 

Yet this is the stock argument of the gold ad- 



68 



MAN AND MAMMON. 



vocates. "Silver is down/' they say; we knocked 
it down by legislative blows, but we will not rein- 
state it because it is only worth half what it was 
when we knocked it down. The people need money, 
but they must not have silver because it is too cheap. 
Gold they cannot get, it is too high — therefore they 
must do without. They must starve, beg, become 
criminals or tramps.'' 

Oh! the cold-blooded dishonesty of such an 
argument; the ghastly selfishness of such reason- 
ing and such hypocricy ! 

WHY FAVOR THE GOLD MINER AND OPPRESS THE 
SILVER MINER. 

The opponents of silver say why should the 
government favor the silver mine owner ? We 
answer, why should the gold mine owner alone be 
the favored object of the government's partiality 
and munificence? Why is gold the pampered idol 
of class legislation. It is this truckling extreme 
idolatry to gold and its owners that m^kes mankind 
curse its slavery. Fairness, equality and justice is 
what all the world desires. No man objects to 
gold as gold, or wealth and riches within them- 
selves. Thank heaven! there are many noble rich 
men, and I honor them. It is the idolatry of gold 
— the arrogance of wealth that is to be deplored. 



MAN AND MAMMON. 



69 



But why should we not favor silver and silver 
mine owners as well as gold and gold mine own- 
ers? Silver is one of our greatest products. We 
produce more of it than all the rest of the world 
besides. Should we not protect our own greatest 
products? It is our interest and duty to do so. Al! 
other countries in all ages have. 

When Rome owned the mines of the world 
she fixed the ratio at 8.93 to i. Spain, when she 
owned the great silver mines of America, held sil- 
ver up and made the ratio to^^ to i. Are we the 
only financial idiots and cowards the world has ever 
produced? 



70 



MAN AND MAMMON. 



CHAPTER XI. 

CAN THE UNITED STATES ALONE HOLD SILVER UP? 

Again they say, can the the United States re- 
store silver and hold it up at i6 to i here and the 
world over? Certainly it can, and do it easy, in my 
opinion. Did not France hold it up all over the 
world at 15^ to t three years after the other na- 
tions had demonetized it? 

We can do what she did, certainly. We have 
ten times the territory , and about twice her wealth 
and population. We can do what Rome and Spain 
did. We have more wealth and more power than 
they ever had. 

The commission appointed by the British Par- 
liament in 1887, to investigate the cause of the 
fluctuation in value between gold and silver, re- 
ported: "That as long as any first class nation 
kept its mints open to the admission of silver, sil- 
ver maintained its par value with gold at 15 to i 
the world over." 

It instanced France, and said that no person 
owning silver the world over would take less than 
its coin value in the mints of France. 



MAN AND MAMMON. 71 

This is the condensed substance of the report 
of hard-headed ^old standard Englishmen, who 
had no motive to misrepresent or deceive. 

We are certainly a first class nation, and can 
uphold silver in our own interest, and when other 
nations see we have the courage of our convictions, 
and know how to protect our own interests, they 
will follow our example and restore silver as stand- 
ard money the world over. This is the opinion of 
Cernuschi, Mr. Moreton, Frewen and others of the 
most celebrated European bi-metallists. They do 
not hesitate any longer in advising independent 
action on our part, because of the great delay in 
securing international action. And they believe 
we can thus cause the other nations to speedily 
follow us. 

Another reason why we could hold silver up to 
ts present ratio is because we have $76,037,000,- 
000 of the best property on earth subject to taxation, 
which is a first lien thereon, which amount of prop- 
erty would hold up four billions of silver if neces- 
sary, though it would not have half that amount to 
take care of. 

Besides, as the silver dollar restored would be 
standard money, and full legal tender for debts, it 
would not need to be held up, but would be quickly 
absorbed in new vitalized business activities^ **and 



72 MAN AND MAMMON. 

bless him that giveth and him that receiveth,'' and 
continue its career of beneficence. 



CHAPTER XII. 

THE HONOR AND CREDIT OF THE GOVERNMENT NOT 

INVOLVED. 

We all agree that the honor and credit of the 
United States must be preserved. This is not a 
party question, neither is it a debatable question. 

We have heard much from the opponents of 
silver about the honor of the government. They 
put it in flaming lines at the head of metropolitan 
papers, they cable from Paris, ^*No compromise 
with dishonor. Of course not. Who said any- 
thing about dishonoring the government? 

Ah! it is the old trick of the real thief crying: 
''Stop, thief! stop, thief!!" to mislead his pursuers. 
''It is the voice of Jacob, but the hand of Esau." 

This same Esau that has been robbing the na- 
tion and trampling on its laws for decades, like 
the Irishman when the judge assured him he 
should have justice, who replied^ "Sure, your hon- 
or, it is that that I am afraid of. 



MAxNT AND MAMMON. 73 

Let the most fastidious conscience rest at ease. 
Let the honest man and patriot "sleep the sleep of 
the just/' for the government's honor is not in- 
volved in this question. 

It is a pity to stop the anxious tears of these 
over-fed presidents of trusts and s}^ndicates. But 
it is true. I recently remarked to two of them who 
were shouting dishonor: "All the money and 
bonds of the government are payable in coin." 
**But that means gold," shouted the bond-holders 
in chorus. 

*'Ah! but does it? Th(i bonds were issued 
before silver was demonetized. They vrere all 
payable in coin and the unit of value up to 1873, 
was the present silver dollar. They were all is- 
sued prior to that time. The benefit or value re- 
ceived was in silver, the contract price was silver 
or greenbacks, which were not so good. Can any 
dishonor or discredit arise from paying in the same 
standard as we received from our creditors, and 
accordmg to the contract?" 

''But times have changed," said they, "money 
is dearer, silver is down." ''No," I answered, 
"Silver will buy more than ever it would. While 
the gold dollar you did not pay, but now claim, 
will buy two dollars worth of anything. Now, do 
you claim that you bond-holders are privileged 



74 MAN AND MAMMON 

aristocrats and should have better money than you 
paid, and better than the contract calls for? If 
you do prepare for reminiscences. Do you remem- 
ber that you received your bonds for g^reenbacks 
you got at fifty cents on the dollar, when there was 
neither gold or silver in circulation. And you have 
received interest in gold which the contract did not 
call for. Now you want 200-cent dollars in gold. 
And if the government don't pay you in gold you 
think the government dishonored?" 

"Yes we do!" they answered. 

' *My opinion," I replied^ "is that if the gov- 
ernment paid you in gold it would then dishonor 
itself^ and you would be the recipient of stolen 
property, and ought to be prosecuted for a com- 
mon cheat." 

''Well/' they replied with some warmth, 
* 'gold is the standard now, and we want gold, we 
expected the government to pay us gold.'' 

THE STANLEY MATTHEWS RESOLUTION. 

^ 'No, you did not, " I replied with some 
warmth also. "If you know anything you know 
the government, before specie payment was re- 
sumed on January 28, 1873, gave notice by legis- 
lative action that all her bonds were payable in the 
present silver -dollar. Here is the language of the 



MAN AND MAMMON. 75 

Stanley Matthews concurrent resolution passed by 
the United States Senate^ January 25, and by the 
House, January 28, 1878: 'That all the bonds of 
the United States issued or authorized to be issued 
under the said acts of Congress, hereinbefore re- 
cited, are payable, principal and interest, at the 
option of the government of the United States, in 
silver dollars of the coinage of the United States 
containing 41 2 grains each of standard silver; and 
that to restore to its coinage such silver coins as a 
legal tender in payment of said bonds^ principal 
and interest, is not in violation of the public faith, 
nor in derogation of the rights of the public cred- 
itor.'" 

"Well, Mr. Bondholder, what do you say to 
that?" They were somewhat startled and exam- 
ined the law closely. Then one of them remarked, 
"Why, that old law, I had forgotten all about it. 
That does settle it, the United States did serve 
notice on all the world that all her bonds were 
payable in the present silver dollar almost twenty 
years ago, and before resumption of specie pay- 
ment. How did that slip my mind?" 

' 'Perhaps it is easy to forget that which it is 
unpleasant to remember/' I replied. ''But you 
did not forget to shriek dishonor against the gov- 
ernment, when the governments honor is not in- 



76 MAN AND MAMMON. 

volved. Now acknowledge the truth that the 
United States can pay all its bonds in silver dol- 
lars, as it agreed to do, and no one has a right to 
complain, and the honor and credit of the nation 
is fully sustained. " 

"It is true, very true,'' they answered. ''Now 
answer another question, ' 'Would it not be a crime 
against the people of the United States, and a dis- 
honor and discredit to it to pay its bonds in gold 
under the laws, and the facts that have existed, 
and still exist?" 

^ 'It would certainly show incompetency on the 
part of the government, and that it did not have 
sense enough to protect its own people. " They 
answered slowly, then added, ''But what should it 
do with the $262,000,000 bonds issued by Mr. 
Cliveland?" they inquired. 

"They come under the same law. They were 
issued under the law providing for specie pay- 
ment way back on January 14, 1875. This law was 
obsolete and said bonds are, to say the least, of 
doubtful validity, and the legality of their issue may 
be questioned hereafter. 

ABRAHAM LINCOLN'S POSITION. 

"Now after our great national debt was con- 
tracted, the government proceeded to draw in and 



MAN AND MAMMON. 77 

contract its currency, thus enhancing the value of 
the bonds and the difficulty of securing money and' 
paying them. Was this right?" I asked. 

They answered: "That course certainly ben- 
fitted the bonholders, but increased the burdens of 
the people, who have to pay the bonds." 

"Now you answer correctly," I said. *4t 
was a crime against the people. Abraham Lin- 
coln, always a friend of the people, said it was a 
''heinous crime. " This is the language in which 
he expressed himself: 

'Tf a government contracted a debt with a cer- 
tain amount of money in circulation, and then con- 
tracted the money volume before the debt was 
paid, it is the most heinous C7'ime that a govern- 
ment could commit against the people.'' 

''Now, my friends, you were denouncing the 
government awhile ago as being guilty of dishonor 
if it paid its bonds and money in silver. Now you 
have a great man who not only denounced the 
payment of these bonds in gold as a crime, but 
the contraction of the currency before they are 
paid as a heinous crime against the people. So 
you see that the government has already dishonor- 
•ed itself to satisfy these avaricious cormorants, and 
what they regard as honorable and honest, Mr. 



78 MAN AND MAMMON. 

Lincoln and all patriots regard as a dishonor and a 
crime. 

"Now, who are the the best judges of this 
question, the greedy beneficiaries or the disinter- 
ested patriots?" 

They seemed very much crestfallen and an- 
swered: "Well, Mr. Lincoln ought to have some 
ideas of justice and honor, and we never before un- 
N derstood the question or we would have said the 
honor and credit of the government is not involved 
in the free coinage of silver.'' 

"Silver might be restored tomorrow,'' I said, 
"and no man could justly complain or cry injus. 
tice or dishonor. Is not that true?'' 

'*It is,'' they answered. ''The government 
has given ample notice from the beginning that 
it will pay in the standard it received, according 
to the contract, and in silver dollars.'' 



MAN AND MAMMON. 



79 



CHAPTER XIII. 

WHAT THE POLICY TO PRESERVE THE PARITY MEANS. 

The gold advocates claim most unreasonable 
things for that clause in the repeal of the Sherman 
bill, which declares the policy of the government 
to maintain ' 'the parity in value between the two 
metals/' Their obtuseness is remarkable, having 
all the wild-eyed insanity of the anarchist in the 
extreme latitude of their claims and vagaries. 

Some claim it binds the United States, or the 
President, to issue untold millions of bonds to buy 
gold to keep up the parity — or even call out the 
army for that purpose. 

One violent silver-hating metropolitan paper, 
in an editorial claims that the honor of the nation 
is pledged to indefinite millions of bond issues for 
this purpose for all ages to come, and that if we 
cease or falter, then are we dishonored, discredited 
and damned. Gracious! it makes our patriotic 
blood run cold to think what fearful things we are 
bound to do, because of this little harmless speech 



8o MAN AND MAMMON. 

injected into the repeal of the Sherman Act by 
Senator Voorhees, as a friendly concession to sil- 
ver. Let us examine this act. 

On November i, 1893, the Sherman bill was 
repealed and the following clause was added: 
"And it is hereby declared to be the policy of the 
United States to continue the use of gold and sil- 
ver as standard money^ and to coin both gold and 
silver into money of equal intrinsic and exchang- 
able value, such equality to be secured thVough in- 
ternational agreement, or by such safeguards of 
legislation as will insure the maintainance of the 
parity in the value of coins of the two metals, and 
the equal power of every dollar at all times in the 
markets, and in the payment of debts." 

Is there any authority in this for issuing bonds 
to buy gold to maintain the parity? On the con- 
trary, is it not simply a declaration of mtention to 
provide other safeguards of legislation to uphold 
silver, and what other safeguard ^could have been 
meant, in case of international agreement failing, 
but the free and unlimited coinage of silver, so it 
would have an equal chance in law with gold. 

Declaring a policy or intention binds no one, 
without another law authorizing the specific execu- 
tion and enforcement of that intention, and how it 
shall be carried out. 



MAN AND MAMMON. 8i 

So this does not authorize any action, nor ef- 
fect the honor or credit of the government in any 
manner whatever. 

The government may change its policy or in- 
tention at any time, as often as agreeable, and no 
one has any right to complain. 

In fact, is it the high prerogative of each Con- 
gress to declare any intention or policy a majority 
may favor. 

It is said that Hades is paved with good in- 
tentions, and legislative policies unless enacted in- 
to law have no force and authority. 

Howevei, as those possessed with the gold 
lunacy have made such extravagantly wild claims 
for this clause; they should not feel inconsolable 
if the next Congress should carry out the policy 
therein expressed and place those ^'safeguards of 
legislation," that was doubtless in the mind of 
Senator Voorhees, in case of no international 
agreement having been secured, to- wit: ''the free 
and unlimited coinage of silver at the present ratio, 
so as to give it equal safeguards of legislation with 
gold." So mote it be. 

Any claim on account of this clause that it 
would authorize the President or any one to do 
anything whatever to preserve the parity, is a far- 
fetched and untenable presumption. It would be 



82 



MAN AND MAMMON. 



a blunder in accord with the present administra- 
tion's course in issuing $262,000,000 bonds, under a 
law obsolete for fifteen years, after claiming no au- 
thority so to do for a year, and asking authority of 
Congress, which was properly refused. Of course 
those bonds were not issued by authority of law, 
as any lawyer knows who has investigated the 
question. It was an act of usurpation for which 
both the President and Secretary of the Treasury 
should have been impeached. This would likely 
have resulted, but they were protected by the in- 
fluence of the gold oligarchy in both parties. The 
beneficiaries of the crime protected their agents. 

A cursory glance will show these bonds issued 
under the Act of January 14., 1875, providing for 
the resumption of specie payments, and authoriz- 
ing the secretary of the treasury to issue bonds and 
buy gold and silver for that purpose, had fulfilled 
its mission and become obsolete. 

Specie payment had been an accomplished fact 
for about fifteen years, and the law had consum- 
mated the specific purpose for which it was cre- 
ated^ thereupon its functions, power and authority 
ceased. 

It is also not so clear but that it had been re- 
pealed by other legislation pertaining to the sub- 
ject. 



MAN AND MAMMON. 



83 



But be both of these as they may, there is an- 
other point which is, whether if in force, this law 
conferred the authority to issue bonds when the 
treasury contained about $500,000,000 of silver, a 
sufficient amount of which was placed there by law 
for the specific purpose of paying the 1136,000,000 
treasury notes which were being redeemed. 

SILVER COINAGE PROVIDED BY THE SHERMAN BILL. 

Here is what the law says. The Act of July 
14, 1890, known as the Sherman Act, section 3: 

^ 'Section 3. That the secretary of the Treas- 
ury shall each month coin 2,000,000 ounces of 
the silver bullion purchased under the provisions 
of this Act, into standard silver dollars until the 
istday of July, 1891, and after that time he shall 
coin of the silver btillion purchased uncler the pro- 
visions of this Act as much as may be necessary to 
provide for the redemption of the treasury notes 
herein provided for, and any gain or seignorage 
arising from such coinage shall be accounted for 
and paid into the treasury." 

The unconditional repeal Act of November i, 
1893, simply repealed the provisions of the law au- 
thorizing the purchase of silver bullion and the 
issue of treasury notes in its payment. It did not 



84 MAN AND MAMMON, 

repeal any other part of the law of July 14, 1890, 
but left it in full force and effect. Here is a direct 
requirement of law that the $136,000,000 of treas- 
ury certificates should be paid by the coinage of 
the silver then in the treasury, for whose purchase 
they had been issued, which, with the $53^000, 000 of 
seignorage, amount to $189,000,000. This was 
more than sufficient to pay any bond issue that has 
been made and redeem all treasury notes and 
greenbacks offered for redemption. 

It does not require a lawyer to understand 
that where the money was already provided and in 
the vaults of the treasury specially to pay these 
very certificates and obligations, and specifically 
directed to be coined and used for that purpose, 
that neither the president or secretary could, under 
such circumstances, issue bonds and buy gold to 
redeem these same obligations. 

This would be absurd. The law of January 
14, 1875, could have no application or authority in 
such a case even if still in force. 

It may be said in extenuation that this $189,- 
000,000 of silver was not all coined. That is no 
excuse, it was the duty of the secretary of the 
treasury to have coined it, and he should have been 
dismissed from office for misfeasance for not coin- 
ing it. But this even is no excuse, the treasurer 



MAN AND MAMMON. 85 

had about 1300,000,000 of coined silver dollars in 
the treasury which he could have put in the place 
of bullion until he could coin it. 

But further discussion of this question is use- 
less, for while there is no legal obligation there is 
a moral obligation to those who trusted the high 
dignitaries of a great nation not believing them 
capable of such gross malfeasance in office. But 
it would make an indignant patriot's hair stand on 
end with horror at the reckless violation of every 
law for the protection of silver by those who are 
its sworn executors, and the obsequious obeisence 
to the gold oligarchy as they '^crook the pregnant 
hinges of the knee that thrift may follow fawning.'' 
Oh! that they had possessed the courage and pa- 
triotism of Andrew Jackson who, under like cir- 
cumstances, defied the money power and protected 
the people, who said, ''Mr. Biddle, you have too 
much power, it is dangerous to a free country. " 
Or, like Incorruptable Daniel Manning when, under 
like circumstances the Shylock money changers 
came, asked "What is the contract, coin? Then 
you can have half silver and half gold, or if that is 
not satisfactory, you can have all silver. The 
right of option is with the government." 

Had our once honored chief thus spoken the 
gold jugglers would have returned to their masters 



88 



MAN AND MAMMON. 



and patriotism would not have hid her face for 
shame. 

The baffled money schemers might have 
sulked for a time and put a small premium on gold, 
but that occurred notwitl>standing, for in order to 
hurry the subservient trucklers at the head of the 
government in their several issues of bonds they 
boosted gold to a premium of one or two per cent 
in New York, just previous to one or two bond 
sales. 

CHARLES Foster's order the only authority to 

PAY GOLD. 

But where did they get authority to pay gold 
on these obligations when the law expressly pro- 
vided for their payment in silver, and the silver 
was ready in the treasury to redeem them. There 
was not and is not a law on any statute book or an 
iota of authority anywhere for this damnable usur- 
pation. 

The following order by telegraph from Charles 
Foster, secretary of the treasury under Harrison, 
sent on October 14, 1891, is the only semblance or 
pretence of authority for all this gold paying usur- 
pation: 

"October 14, 1891. 
Phineas Pierce, 22 Summer Street, Boston, Mass.: 

"Assistant Treasurer Kennerd has been instructed to redeem 
treaeury notes in gold." Chas. Foster, Secretary. 

Charge Department." % 



MAN AND MAMMON. 89 

This was the opening of Pandora's box, the 
high tide and broad sweep of the plagues of 
Egypt let loose on a long suffering people. What 
right had Charles Foster, secretary, to set aside 
the laws of Congress and legislate for this' nation? 
What right had his successor to follow^ in his foot- 
steps and confirm such high-handed usurpation ? 
It was at the dictation of the gold power. The 
first did it freely without reason or excuse. The 
second was dazed by the insolence of entrenched 
financial thuggery. And thus it has continued the 
most unblushing, dastardly crime in all our history. 
Without an apology or ^'by your leave,"' it has 
beat down all the bulwarks of legislation and free- 
dom, and trampled on the sacred rights of the con- 
stitution and the people. Are our liberties safe 
from such an unscrupulous power? 

All these bonds have been issued and the gold 
redemption has been going on in violation of the 
Act of July 14, 1890, still in force on the statute 
books, which says the secretary of the treasury 
^^shall coin of the silver htdlion purchased under the 
provisions of this act, as much as may be neces- 
sary to provide for the redemption of the treasury 
notes herein provided for.'' 

Observe the language of the law ''shall co 171 
of the silver bullion as much as may be necessary 



90 MAN AND MAMMON. 

to provide for the redemption of the treasury 
notes. " Could anything be plainer? And this is 
still in force and is still ignored, violated and 
trampled upon at the dictation of the gold power. 
With this law in force, and ample silver outside of 
the silver held to redeem the silver certificates to 
pay any three issues of the bonds, and redeem 
more than half ot all the outstanding greenbacks 
and certificates, in violation of law and in the face 
of Its express commands, the $262,000,000 of bonds 
were issued. For what? In a supposed emer- 
gency to prevent gold going to a premium. 

Gold had gone to a premium many times be- 
fore, here and in all countries. It was never be- 
fore considered such a public calamity as to justify 
the violation of all law to prevent it. From i860 
to 1872 it was at a high premium and yet we had 
most prosperous times during that period. Be- 
sides was not 1262,000,000, aggregating principal 
and interest about $550,000,000, a high premium 
for the nation to pay for gold to hand over to 
others without any obligation so to do? Remem- 
ber the redemption of greenbacks and treasury 
notes were clearly provided for and the funds in 
the treasury for that purpose were ample. If this 
had not been the case, still there was no law or 
justification for such usurpation 'of power as was 



MAN AND MAMMON. 91 

never before known in our history. The prospect 
of gold going to a premium was no excuse. Any 
individual or combine may put gold to a premium 
any day by offering a bonus for it, and no govern- 
ment can prevent it. 

It is the right of any citizen to give what he 
pleases for what he wants, and gold is no excep- 
tion; and no government has a right to prevent it, 
or could do so with a standing army, only as it may 
be done by law for the prevention of usury. 

It may be that in time that quaint old relic of 
financial barbarism maintained in deference to an- 
tiquity, known as the redemption farce or delusion, 
will pass into a state of "inocuous desuetude.'' 

It is a sort of fiction of law that turns the pyra- 
mid of our finances on its apex to see it tumble 
over every time there is a scramble. This farce 
comedy is carried on not for the benefit of the mass 
of its citizens, but to tickle the greedy palm of the 
money changing Jews and brokers, who constitute 
the financial pests of all nations. 

The good citizen feels that his money has been 
redeemed every time he pays a debt or buys some- 
thing with it, and that it has fully accomplished its 
monetary functions. 

A nation with 165,037,000, ooo worth of prop- 
erty as security for its obligations ought to be con- 



92 MAN AND MAMMON. 

sidered better security than any promised system 
of redemption, for it has twenty times the security 
of all the gold in the world if it was bought and 
piled up in the treasury. 

Yet for the privilege of this absurdity we have 
paid almost three billion dollars in interest on 
bonds to get to specie payment with untold mil- 
lions of loss and injury in other ways. And still 
the lives, property and happiness of a great people 
are subservient to this Molock oi gold — this jug- 
gernaut of financial fanaticism. 

And still we hear the senseless demigogic cry 
of ^'sound money" and '^sound money men." It 
may be that such men are like barrels, the empti- 
est make the most sound. But the gold men have 
the most appalling disregard for law known in the 
history of this continent. For example, where is 
the legal authority for locking up $100,000,000 of 
gold in the treasury of the United States? No 
wonder gold is scarce. A dangerous and costly 
piece of folly, on a par with the rest of its lawless- 
ness. It is a large bait for big fish, and for the 
gold sharks to prey on and laugh at our silliness 
and rash folly. No other nation has been so ab- 
surd and ridiculous as to furnish gold to all the 
world on demand by an endless chain of absurd 
currency, and give no protection to their own treas- 



MAN AND MAMMON. 



93 



ury and people. It makes One wonder if the fool- 
killer will ever get through with the slaughter of 
the gold cranks. 



CHAPTER XIV. 

THE SINGLE STANDARD IS A DEFECTIVE FINANCIAL 

SYSTEM. 

Our currency should be of uniform value. It 
should be abundant and elastic, and no part of it 
a menace to the government. 

At the present time our money is not uniform 
in value, it is not sufficiently abundant, it is not 
elastic, and a part of it is a menace to the govern- 
ment. 

There is no disputing these propositions. 
They are admitted by all parties, and no middle 
ground can be occupied on this important question 
of currency that will result in prosperity to the 
people. 

The object of money is to facilitate trade, to 
lubricate the wheels of commerce and bring the 
products of labor and the comforts and necessities 
of life to every man^s door. The primitive custom 



94 MAN AND MAMMON. 

was for an individual to exchange the surplus pro- 
ducts of his labor for the products that he needed 
of another man's labor. 

Money is the substitute for products. It is to 
facilitate barter^ and is the world's adopted medium 
of exchange. It must have a unit of value. This 
unit might properly be represented in the great 
staples of universal consumption — wheat, corn, 
rice, sugar, cotton and manufactured articles — but 
the objection to these and similar products is their 
perishability and great bulk, while their substitute, 
the medium of exchange, should be as nearly im- 
perishable as possible and the least unwieldly. 

The world has selected gold and silver as com- 
ing nearest to these requirements. It is better to 
have two commodities than one. Three or more 
would be still better, as supply and demand are more 
accurately represented in two or more than one. 
Bimetalists favor the free, unlimited use of both 
gold and silver as standard money. 

Some object to silver as bulky and inconvenient 
for use in large quantity. 

Others object to gold as currency because it is 
also bulky and difficult to keep in circulation. In 
good times it lies uncalled for in bank vaults, in 
hard times it is hid away and locked up. In either 
case it is of little use as currency. Another very 



MAf^ AND MAMMON. 95 

great objection to gold as currency is that it largely 
diminishes in value by wear from much handling. 
In large transactions the deficiency in weight must 
be made good. It is estimated that if our present 
stock of gold was all in circulation in coin, the loss 
from abrasion would be more than $2,000,000 per 
year. 

Gold coin will not circulate in large quantities. 
Few people will carry it in their pockets, and fewer 
still will use it in their ordinary daily purchases. 
They prefer s Iver for small purchases, and paper 
money for larger transactions. So universal is the 
custom that no one expects to use gold or see it 
used as currency in ordinary daily transactions. 

Gold is not needed as currency, is not a special 
currency, and is not generally used as currency in 
this or any other country except England, and 
there only among the rich and well-to-do. 

So true is this in this country that the United 
States, for convenience, has issued gold coin cer- 
tificates. Banks also issue gold coin certificates. 
And thus gold seems, by universal custom and con- 
sent, to be regarded as a metallic reserve — a me- 
tallic basis for currency — or large metal wealth in 
small bulk for transfer or conversion into other 
forms of wealth. This is plain from the banks hold- 
ing $184,000,000 reserve in gold, and the govern- 



96 MAN AND MAMMON. 

ment holding $100,000,000. These two items above 
show almost two-thirds the gold locked up in two 
places. This being the case, why should the gold 
advocates distress the country by their great noise 
and ''hue and cry'^ about the restoration of silver 
driving gold out of circulation? 

And where is the loss to the country? We 
only increase the circulation and use of silver by bi- 
metalism without impairing or affecting the pres- 
ent use of gold. The country is then not only un- 
injured financially, but is improved and made richer 
and more prosperous in proportion to the additional 
use of silver. 

And as we are large silver producers — the 
largest in the world — we should utilize and protect 
this natural wealth to enrich our people and nation. 
All other nations hav^e done so. For example, 
Spain, when she virtually owned all the silver mines 
- of America and the world, put the ratio between 
gold and silver at 10^ to i, and upheld and sus- 
tained her great silver product. Rome did the 
same when she ruled the world and owned all the 
known silver mines. She fixed the ratio between 
gold and silver at 8.93 to i. This was when there 
was twice as much silver as gold in the world. 
This is a matter of history, and shows how other 
nations protected their own interest. And the re- 
sult was that during the time these silver mines 



MAN AND MAMMON, * 97 

were thus protected and worked, it was the period 
of their greatest growth and prosperity. And it is 
a fact that the increased production of silver has 
marked the high tide in the prosperity of every 
nation in the history of the world, our ~own in- 
cluded. 

It is our duty to use all the products of nature 
and labor at our command to increase the pros- 
perity and happiness of our people. 

If the restoration of silver will increase its 
value and usefulness as money, and prevent the 
struggle for gold, stop the present stagnation in 
business and increase the wealth of our nation, 
why should any citizen be deterred from favoring 
its restoration by reason of the alleged claim that 
it would drive gold out of circulation, when the 
fact is gold is already largely out of circulation, 
and never was in general circulation? 

If retaining the present gold standard will 
force the necessity of drawing in, and redeeming 
the $500,000,000 greenbacks and treasury notes, 
which all gold standard men claim, how much bet- 
ter off would we be to have, say, $500^000,000 in 
gold in supposed circulation, or have the $500^000,- 
000 greenbacks and treasury notes taken out of 
circulation and paid off by bonds costing us $20,- 
000,0000 a year interest for an indefinite period? 



98 MAN AND MAMMON. 

This is the real question to be considered by 
the gold advocates, the free silver men have long 
since made up their minds that free silver is not 
only preferable but the only solution of our chaotic 
financial condition. 

What surprises any thoughtful patriotic man 
is the inconsistency of the gold advocates. 

They say to restore silver will drive the gold 
out of circulation, and this loss in circulation they 
say will bring distress and bankruptcy, but at the 
same time they admit that in order to retain their pet 
gold in circulation, or supposed circulation, they 
must cut down the circulation of more useful money 
fully as much as the whole amount of gold in the 
couiitry. 

Now, where is their consistency? They ob- 
ject to cutting down the supposed circulation of 
gold, because it will distress the country, and im- 
mediately advocate a greater reduction, still more 
distressing, in order to retain the gold, and their 
unpatriotic selfishness would force the government 
to pay $20,000,000 interest yearly to accomplish 
this reduction of currency with all its disastrous 
consequences to business. 

Their idolatry of gold is amazing. To keep a 
few millions in supposed circulation, they would 
destroy one-half the currency of the nation, bring 



MAN AND MAMMON. 99 

ruin and distress, which they admit as a result, 
and pay a bonus of |20, 000,000 per annum for the 
privilege of bringing such wreck and ruin. 

Marvelous idolators, these millionaire gold 
bugs ! 

No wonder so many of them belong to that 
nation who were the original worshipers of the 
golden calf. 

The money changers whom Christ scourged 
from the temple with his whip of cords were gems 
of perfection by the side of the present worshipers 
of gold. 

They advocate the redemption ofthe|500, - 
000,000 of greenbacks and treasury notes, when 
the people are impoverished for money, and they 
know it is deliberate financial murder. 

They seem to regard the #20,000,000 of an- 
nual interest as a mere bagatelle so long as it is in 
their interest. They admit that it is but the begin- 
ning of the endless chain that will include all our 
billion of currency, with $40,000,000 annual inter- 
est. But what of this — all — everything must be 
immolated on this altar of gold, and be crushed by 
this juggernaut of gold lunacy. 

Tell them they are bankrupting the country, 
and they answer: ''You are a repudiationist. 
Tell them they are crushing the energies of the 



TOO MAN AND MAMMON. 

nation and perpetuating a national debt for a name 
— for a hollow mockery to plague this and future 
generations, they cry^ ' 'Anarchist! Populist ! Silver 
craze/' and a jargon about "sound" money, "hon- 
est'' money. A man so heartless and cold-blooded 
would almost murder his grandmother and convert 
her bones into toothpicks. Then they wind up 
with a shriek, charging silver agitation as the cause 
-of all our troubles. 

AGITATION HURTFUL TO THE GOLD STANDARD 
BECAUSE A WEAK SYSTEM. 

If agitation is hurtful to the gold standard, it 
shows a very weak and inefficient financial system. 
If it cannot stand discussion, then it is doomed. 
It is by discussion that men reason together and 
ascertain the truth, and it is a fact the single gold 
standard will not bear investigation. It is unfair, 
unjust and dangerous. It is like Ephraim, ' 'a cake 
not turned." Agitation for more money ought 
to make times better. Then, under the gold 
standard, the more currency you have the more 
likely the inverted financial pyramid will topple 
over. 

Gold is the most cowardly money on earth. 
This is proven by history, for when Peru had no 
law for its protection, it passed dollar for dollar 



MAN AND MAMMON. loi 

with silver, and because it was abundant Pizaro 
and his men paid $350 in gold for a pair of shoes, 
$445 for a bottle of wine, and $29,000 for a horse. 
This shows that gold, when abundant and unpro- 
tected by law, may depreciate like greenbacks or 
continental money. 



CHAPTER XV. 

WHY WE SHOULD RETAIN THE RATIO OF 1 6 TO I. 

All parties agree that the United States should 
restore bimetalism, or the free, unlimited coinage 
of gold and silver. But there is a difference of 
opinion as to two points. These are the fixing 
of ratio, and the question of waiting for the aid or 
consent of other nations. 

We believe the present ratio of i6 to i should 
be retained as the just and proper ratio, for the fol- 
lowing reasons: 

First. Because it is the present ratio, and the 
highest in the world in ancient or modern times, 
and because it has maintained its par value with 
gold at this ratio or less for more than two thous- 
and years, and as far back as we have any historic 



102 



MAN AND MAMMON. 



record, and during a large part of this time it com- 
manded a premium over gold at that ratio. This 
was when it had something like a fair chance with 
gold, and before its enemies had conspired against 
and partially destroyed it by unfavorable legisla- 
tion. 

Second. Because to change the ratio would 
require the re-coinage of all the silver money in the 
United States, which would cause great expense 
and inconvenience. 

Third. Because it was the unit of value and 
the standard money of the contract at the time our 
bonds were issued, and the specific money required 
for their payment. 

To change the ratio now would be to change 
the contract for the payment of almost a billion 
and a quarter dollars indebtedness of our nation, 
and untold millions of indebtedness of our people. 

If we increased the ratio it would be an unjust 
burden to our nation and people for the unjust ben- 
efit of the bondholders and money loaners. We 
cannot decrease the ratio, for that would be unjust 
to the bondholders, and they could justly cry un- 
fairness and dishonor. So there is no honest or 
just way in which the ratio can be changed. This 
ought to be a sufficient answer. 

Fourth. There is the further reason that the 
nation has given legislative force and construction, 



MAN AND MAMMON. 103 

and specific provisions and authority for the pay- 
ment of said bonds in the present silver dollar of 
41 2 grains of standard silver, by the Stanley 
Mathews' concurrent resolution of June 25 and 28, 
1878, before referred to, which says: *'A11 the 
bonds of the United States issued, or authorized to 
be issued, under the said act of Congress hereto- 
fore recited^ are payable, principle and interest^ at 
the option of the government of the United States 
in silver dollars of the coinage of the United States, 
containing 412^ grains each or standard silver." 
So to change this ratio would be to be disregard, 
trample on and overturn our whole system of laws 
and contracts for over thirty years. 

As the ratio is thus fixed by laws and contracts 
of long standing, this ratio is the only just, equita- 
table and legal ratio that is or can be established. 

Therefore the man who is not for the ratio of 
16 to I is for no ratio, and is not for silver at all. 
He is both unreasonable and unjust, and a finan- 
cial anarchist. 

16 TO I THE ONLY JUST AND LEGAL RATIO. 

Gold advocates see injustice in this position ; be- 
cause, as they claim, the commercial ratio between 
gold and silver is 30 to i. Suppose that it is true 
that silver is only worth half what it was, does that 



104 MAN AND MAMMON. 

change the matter? Did the government agree to 
keep silver at any particular market or bullion 
price? 

Suppose you had bought wheat or cotton from 
the government, and it had agreed to pay you 
looo bushels of corn at some specific time in the 
future? Suppose when the time came for payment 
the corn was worth only half what it was when 
contracted for? Would you expect, or demand, of 
the government to raise the price of corn for your 
special benefit? No one guarantees the non- 
shrinkage of any kind of property in the future but 
each one takes his chances. Everything else is 
childish. 

But the position taken by the gold men that 
the commercial value of silver has fallen, I deny. 
The commercial value of silver is what it will buy 
of the articles of commerce. What they mean by 
its commercial value is its bullion value as compar- 
ed with gold. That is not its commercial value; 
that is its purchasing power of gold. As gold is 
only one of the forty-four articles of commerce 
that is not a test of its commercial value. If it 
will buy as much of the forty-four articles of com- 
merce as it would before demonetized,then its com- 
mercial value has not fallen. 

By this test, which is the only true one, we 
find the bullion in a silver dollar melted down will 



MAN AND MAMMON. 105 

buy as much of any or all of the articles of com- 
merce as it would when the bonds were issued, 
when demonetized, or that it ever would. A table 
is appended, which shows the fifty-three cents of 
bullion in a dollar will buy as much wheat, corn, 
oats, rye, hay, cotton and all products as the same 
amount of silver bullion when the bonds were is- 
sued. 

Take a few commodities for example: Wheat 
that formerly brought ^i.oo and $1.25, now brings 
only forty -five cents in the West. Corn that 
brought forty to fifty cents, now brings fifteen to 
twenty cents. Oats and hay about the same pro- 
portion, and potatoes that brought forty to sixty 
cents now only bring' fifteen to twenty-five cents. 
Cotton that brought twenty to twenty- five cents, 
now bring seven to ten cents, etc. 

This ought to satisfy any man that while gold 
has gone up, the commercial value of silver, or its 
purchasing power, has not gone down and has 
changed but little. And that silver has measured, 
and still continues to measure, the value the of prod- 
ucts of labor and land the world over. 

That silver and not gold is the money of the 
world^ and that gold is the standard, not of com- 
merce, not of the world's products, but only the 
standard of the millionaire bankers, and money 
loaners of Europe and America. 



io6 



MAN AND MAMMON. 



CHx^PTER XVI. 

THE EFFECT OF IMMEDIATE BI-METALISM BENEFICIAL. 

As to international bi-metalism, Mr. Whitney, 
in a recent letter urging the Democratic convention 
not to commit itself to free silver, but wait for other 
nations, laid great stress on the prospects of an in- 
ternational agreement in the near future. 

Senator Hoar is quoted as expressing, after a 
talk in England with Balfour, and in Paris with M. 
Meline, his hope of bringing about international 
bimetalism, if the Republicans did not commit 
themselves too unreservedly to the gold standard. 

The effect of independent action by the Uni- 
ted States in restoring silver has been recently dis- 
cussed by the most noteworthy international bi- 
metalists of Europe^ and their opinion is that in- 
dependent free coinage of silver by the United 
States would be beneficial. 

The father of international bi-metalism, Cer- 
nuschi, a few days before his death on May 13th, 
in the Paris Economiste, wrote as follows: 

An end should be put to the monetary an- 



MAN AND MAMMON. 107 

archy in which the world has been writhing since 
1873. If I were a citizen of the United States, 
and was convinced that Europe, by reason of En- 
gland's attitude is fixedly hostile to a stable mone- 
tary parity between gold and silver, then I would 
cease to be an international bi-metalist and go over 
to the silver men/^ 

"As a matter of fact, in its present economic 
condition, the United States of America, that great 
and youthful nation, suffers much more from the 
merciless conflict that has been in progress between 
gold and silver since 1873, than England, a very 
wealthy country, creditor of the rest of the world, 
possessing resources of every kind^ and enormous 
financial reserves, which enables her to endure 
with comparative ease the economic competition of 
those nations whose monetary standard is depricia- 
ted in regard to gold like the countries of the 
far East, Mexico and the Argentine Republic, 

EUROPEAN AUTHORITES FAVOR BI-METALISM. 

^'The United States on the contrary are debt- 
ors to Europe for a portion of the sums they have 
employed in the development of their industrial 
system, and must necessarily liquidate their debts 
abroad by realizing upon the products of their soil 
and their manufactures. 



io8 



MAN AND MAMMON. 



^ 'Now as these foreign debts are on the one 
hand contracted in gold, and as the American pro- 
ducts in Europe have to reckon with the depress- 
ing competition of similar products exported by 
countries having a silver standard or paper money, 
it folloAvs that the appreciation of gold in regard to 
silver that has taken place since 1873 has had a 
two-fold result for the United States. 

''First. It has diminished by half the value in 
gold of all the national products which are subject 
to the said competition. 

•'Second. It has doubled the real burden of 
the debts contracted abroad in gold, since double 
the quantity of American products is now required 
to discharge the annual liabilities arising from those 
debts. 

^ 'The present monetary policy of the United 
States is consequently very advantageous to the 
interests of England, a gold monometallic country, 
but it is utterly ruinous as regards the foreign fin- 
ancial relations of the United States, and especially 
for its native producers. 

"This is why, inasmuch as England's attitude 
prevents the realization of international bimetalism, 
and condemns one-half of the world to gold mono- 
metalism, and the other to silver monometalism, I 
would not hesitate, were I a citizen of the United 



MAN AND MAMMON. 109 

States to become — I. Cernuschi, the father of inter- 
national bimetalism — as I am everywhere called — a 
silver monometalist. " 

Thus the father of international bi-metalism, 
only a short time before his death, being entirely 
disinterested, advised the United States to adopt 
free silver in her own interest, and wait no longer. 
He declared if he were a citizen of this country he 
would become a silver monometalist. He further 
says: ''The free coinage of silver at 16 to i with- 
out the concurrence of Europe would nevertheless 
be a step in the direction of international bi-metal- 
ism. For the productive power of the United 
States would receive so enormous an impulse, 
and this development would have such a disastrous 
effect upon the interests of England and the other 
European nations now governed by the gold stand- 
ard, that it may be confidentially predicted in ad- 
vance that the course of events would force the 
adoption of international bi-metalism as the only 
true solution, even upon those who to-day deny 
the possibility and efficacy of it." 

That England does intend to prevent bi-metal- 
ism here is the testimony of M. Des Essars, chief 
of economics in the Bank of France, who recently 
said: ^ 'The partisans of silver affect to believe 
that Europe is about to rally to the support of free 



no MAN AND MAMMON. 

coinage. This is a delusion. The speech of M. 
Hicks-Beach leaves no doubt as to the firm deter- 
mination of England to maintain its existing mone- 
tary system. " 

MR. Cleveland's emissaries. 

But there are those who claim that but for the 
obstinacy of Mr. Cleveland and his gold-enslaving 
administration, we would have had international bi- 
metalism three years ago. 

The B'nglish financier, Mr. Moreton Frewen, 
in his London letter of June 17^ says: 

'T affirm with strong conviction that the way 
would have been prepared during the past three 
years for an international settlernent of this great 
difficulty, had it not been for just one man — your 
president. 

*'Mr. Cleveland is paying the penalty for the 
obstinate determination he has evinced throughout 
to thrust your country^ in not merely a gold stand 
ard, but the straightest gold monometalism. 

^ ' Those of us who have been ardent workers 
here for international bi-metalism, have found our- 
selves at all points crossed and defeated by Mr. 
Cleveland's actions and Mr. Cleveland's emissaries. 
He sent Mr. Atkinson over here on a special mis- 
sion to try and persicade those in the prese^it cabinet ^ 



MAN AND MAMMON. iii 

such men as Mr. Chapin and Mr. Balfour, that 
they were crayiks ; that the current leg-al tender of 
the two metals was impracticable. 

Mr. Balfour's difficulties within Lord Salis- 
bury's cabinet were in any case very great. They 
were made infinitely greater by the ridicule poured 
upon currency reform by Mr. Ceveland, Mr. J. 
Sterling Morton, Mr. Hoke Smith and others. 
The speeches and absurd letters of these gentle- 
men were six months ago to be found in many of 
our daily papers. 

" So impossible had become the position (and 
in this connection I know of what I am writing) of 
those members of our government who were 
pledged to currency reform, because of the attitude 
of the government at Washington, that last year 
we, for the time, gave up the struggle. 

I rejoice then in the revolt of the democratic 
party, and I venture to say should that party suc- 
ceed in electing a free silver president and congress, 
before Mr. Cleveland goes out of the White House, 
an international agreement will have been secured. 

" The Rothschilds here, the wealth investors in 
every capitol^ could not afford to sit still and see 
your country go it alone. Europe will respond to 
your spirited initiative. If the United States 
pledges itself to immediate free coinage, I emphati- 



112 MAN AND MAMMON. 

cally believe that M. Meline, on behalf of France 
will offer free mintage. We here are pledged to 
re-open the Indian mints." 

Thus another great European bi-metalist ad- 
vises us to proceed to immediate bi-metalism, and 
promises France and other countries will speedily 
follow. He also distinctly charges the defeat of 
international bi-metalism to Mr. Cleveland, and 
says he sent Mr. Atkinson and others over thereto 
persuade Mr. Balfour and Chapin of Salisbury's 
cabinet, that they were cranks, because they fa- 
vored this great financial reform in the interest of 
freedom and humanity. Great God! could big- 
gotted tyranny go further? Charles I, lost his 
head for fewer crimes and violations of law. 

President E. B. Andrews, of Brown Univer- 
sity, commenting on Carnuschi's article, says in his 
Boston letter of June 22: "The vast new output 
of gold in recent years as compared with that of 
silver, impresses me that the free coinage by us 
alone, would not lead to the displacement of our 
gold; that therefore free coinage would be safe. 
If it is safe it is certainly desirable. I therefore 
do not dogmatize but leave that to the gold 

men. To my mind, however, the overwhelming 
probability is that gold would stay with us. I 
have noticed of late no serious argument to show 
that it would not. 



MAN AND MAMMON. 113 

This is the opinion of a learned and conserva- 
tive authority, and he favors immediate free silver, 
and thinks we will not loose our ^old thereby. 
And that the vast new output of gold in recent 
years as compared with silver, '^favorsfree coinage 
by us alone," and ''would not lead to displacement 
of our gold," and free coinage would be safe. 

Much more testimony of like import from the 
highest authority could be adduced but space will 
not permit, The whole world agrees with him 
that if free silver is safe it is certainly desirable, 
and the best authorities say it is sa'fe. Then why 
not have it ? Will this great country and the world 
allow a few millionaires to destroy its peace and 
prosperity and keep them in financial anarchy? 



114 



MAN AND MAMMON, 



CHAPTER XVII. 

ANDREW Jackson's fight with the united 

STATES BANK. 

The memorable controversy between Andrew 
Jackson and the United States Bank constitute an 
invaluable lesson to American citizens, as it shows 
how subtle and unscrupulous are the methods of a 
money aristocracy. 

It shows there is such a thing as the money 
power, and that the controlers of the nation's cur- 
rency and credits constitute the money power. 
The audacity of appropriating the use of such 
words as "honest" to a dollar of a 200-cent pur- 
chasing power, and honest or sound money men" 
to those who are compelling the government and 
people to pay debts in dollars of higher standard 
value than was promised, shows a colossal disre- 
gard of both honesty and truth. 

It is said ''history repeats itself," and this is 
true of the present fight between the people and 
the money power; it is the repetition of the conflict 
between President Jackson and the banks. Samuel 
J. Tilden said ''the history of every nation which 



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MAN AND MAMMON. 117 

has enjoyed any portion of freedom is a record of 
the incessant struggles of the few to establish do- 
minion over the many." 

Those interested in money seek to enhance 
the purchasing value of dollars by making them 
scarce, while the interests of producers and labor- 
ers are best served by having dollars more plenti- 
ful so that their products and labor will command 
a better price. There is thus a continuous con- 
flict of interests between these two classes in every 
nation. But this conflict has been emphasized by 
the demonetization in this country which has given 
vast advantage to the monied class and enriched 
them at the expense of the farmers^ producers and 
laborers. The restoration of silver is the only way 
to adjust this undue advantage and restore pros- 
perity to all classes. 

But to the story of Andrew Jackson's fight 
with the money power led by Nicholas Biddle, the 
money king of that day. 

Sixty years ago there was but one great cor- 
poration in the United States; that was the old 
United States Bank with thirty-five million dollars 
and a charter that expired in twenty years. 

The money power of that generation was con- 
centrated in that bank and its branch banks all 
over the nation. Banks printed their own money 



ii8 



MAN AND MAMMON. 



then and the law allowed them to circulate three 
dollars in paper money to each one dollar of capi- 
tal, with no restraint but their good faith, from cir- 
culating one hundred dollars to one of capital. 
Nicholas Biddle was president of the bank and the 
head of the money power of that day. He was 
not only a banker, but he was a scholar, an author, 
a democrat and supported Jackson at his first elec- 
tion. He lived in a marble palace on the banks of 
the Delaware, fifteen miles from Philadelphia, 
where he dispensed royal hopitality almost equal to 
the kings of Europe. Many people thought him a 
greater man than Jackson^ and people came fifty 
miles when he passed through a town or city to see 
*^the man that crushed Jackson." Jackson was 
not crushed, but they were sure he would be with 
such vast money power against him. The contest 
came about in this way: Some time before the 
bank charter expired Biddle called upon President 
Jackson who was a candidate for re-election. To 
impress him with his great power he told him that 
through the influence of his banks he could control 
the election of any state in the Union. 

This stirred the fearless patriotism in Andrew 
Jackson, and with suppressed emotion he said, 
"Mr. Biddle, if that is true, and I think it is, I tell 
you here and now, that if you can control the elec- 
tion of any state in the Union, that is too much 



MAN AND MAMMON. 119 

power for one man to have in a free country in 
time of peace. And I will tell you further, that if 
you get a new charter from Congress for that bank, 
by the eternal I will veto that charter !" Then the 
fight began in earnest, and the great money king 
and his allies set to work to defeat the re-election 
of Jackson. The first thing they did was to buy 
up all the great Democratic newspapers from Bos- 
ton to New Orleans. They even bought Jackson's 
home organ, the Washington Globe. The same 
course pursued at present by the gold power to- 
ward the people who demand the constitutional 
restoration of silver. 

When Jackson saw they were using the money 
of the government to buy up newspapers, editors, 
etc., he said to the secretary of the treasury, ''Mr. 
Duane^ I don't want you to put any more govern- 
ment money in that bank. It will blow up. The 
money is not safe." 

Mr. Duane was himself a banker and in sym- 
pathy with the money power, and he said, *4 can't 
obey that order. " 

Then Jackson dismissed him from the cabinet 
and put Roger B. Taney in his place, the man w^ho 
afterwards became chief justice. Webster, Cal- 
houn and Clay, called by Benton the defender of 
Jackson, ''the great triumvirate," with all the 



I20 MAN AND MAMMON. 

machinations of the money power at their back, 
made the combined assault on Jackson, and all their 
^reat subsidized papers hurled their thunderbolts 
of denunciation, abuse and misrepresentation. 

Like their more recent imitators, they got up 
' 'honest'' Democratic meetings, from one of which, 
in Philadelphia, they sent a committee of three 
hundred to Washington to expostulate with Jack- 
son. One of them so far forgot himself as to say 
that if Jackson persisted in his course the people 
would rise up en masse and come to Washington 
'to expell the Goths from Rome.' " 

Jackson replied, '*Do you come here to threat- 
en me? If you men dare to put any of your 
threats into execution, by the great eternal I will 
hang you as high as Haman." 

Many of Jackson's old friends left him, which 
was duly exploited in the subsidized press, and it 
looked blue for ''Old Hickory" for a time. But 
where one great banker left him four or five farm- 
ers and mechanics took their place, and Jackson 
was overwhelmingly elected, and the country saved 
from the arrogance of the money power for a third 
of a century. 

Nicholas Biddle and his power is past and for- 
gotten, his banks collapsed like egg-shells, but the 
name of Andrew Jackson sends a thrill of pride 



MAN AND MAMMON. 121 

through every patriotic heart. And the contrast 
between Jackson and our present chief who opened 
the flood g-ates of ruin to the money power is too 
sad for contemplation. May history continue to 
repeat itself, and where the cause of bimetalism 
and humanity loses one banker, may it gain five or 
ten plain, honest citizens to take their place. 



CHAPTER XVIII. 

THE EASTERN AND WESTERN BANKER ON BI METALISM . 

The gold advocates admit that the present sin- 
gle Standard has brought distress and dissatisfac- 
tion. Mark Hanna recently said ^'the workingmen 
are not complaining (which is untrue), only the 
farmer and debtor class are dissatisfied." 

While speaking thus contemptuously of this 
class, he forgets they constitute more than one- 
half our population. 

He also forgets that they have endured loss 
and bankruptcy many years on account of this sin- 
gle gold standard, whose infamies he is trying to 
perpetuate. 

He seems to think with many others that only 



122 MAN AND MAMMON. 

the debtor class are for bi-metalism, for the pur- 
pose, the gold men say, of paying their debts in 
what they term a fifty- cent dollar. 

This is a mistake. That reason has little in- 
fluence with the great patriotic masses. 

I will illustrate this by a conversation which 
took place between an eastern and western banker 
but a short time ago. An eastern banker said to a 
western banker, who was visiting him in New 
York City, and who had announced that he was a 
free silver man . 

*'You for free silver? Are you in debt?" 
''No," answered the western banker. 
'•I supposed none but those in debt were for 
free silver," said the eastern banker. 

^ 'Since you put it that way/" replied the west- 
ern banker, '''do you know anything on earth as 
much in debt as the banks? According to your ar- 
gument they should all be for free silver." 

"Weil, I declare, I never thought of that," 
answered the eastern banker. 

"Well, I have," replied the western banker; 
it is easy of explanation. It is that pure, cussed 
selfishness that is incident to human nature. We 
bankers do what no other people on earth do, wc 
' 'live off of the interest of what we owe." We lend 
the money we owe our depositors. Now, we are 



MAN AND MAMMON. 123 

often influenced by the selfish desire to lend our 
depositors money at a high rate of interest, and in 
order to do this we want a scarcity of money and 
times a little hard. So we naturally try to bring 
about this condition, which is favorable to making 
money. 

INDEBTEDNESS OF THE BANKS. 

"In Other words, since we live off of the inter- 
est of what we owe, we want that interest as high 
as possible — and thus avarice makes robbers of us 
all, or nearly all, and we are apt to think others 
influenced by the same sordid considerations." 

"Oh, you are hard on us,'' said the eastern 
banker. 

''No, I want to call your attention to facts," 
he said. 

*'Mr. Carlisle in his Chicago speech stated the 
banks were in debt 15,353,000,000. This is two 
and a half times all the money in the United States 
— all kinds of money, which can only be repre- 
sented by between four and five hundred millions 
of gold. 

"How is it possible to pay with a constantly 
decreasing currency and only a handful of gold in 
the country? 

"While we are quick to urge the government 



124 MAN AND MAMMON. 

to pay gold would we pay it to our customers on their 
deposits? And if the government is bound to pay 
the gold on its currency, why are we not bound to 
pay on our national bank currency? The contract 
and obligation are the same. 

'^There is no more authority in law for any 
holder of a greenback or treasury certificate to de- 
mand gold from the United Sta es Treasury than 
there is for a bank depositor to demand gold on 
his certificate of deposit, or on a national bank 
note. 

"You astonish me, can that be possible?'* 
exclaimed the eastern man. 

''That is not only true," he continued, ' *but 
every dollar paid in gold by the government, ex- 
cept a few gold certificates, is contrary to the 
Acts of Congress, authorizing and providing for 
their payment in silver. All the obligations of the 
government are payable just like those of a bank 
or individual in the lawful money^ coin or currency 
ol the nation — not a word about gold, not a cin- 
tilla of authority to pay gold. Therefore the pre- 
sumption of the banks and brokers in demanding 
gold is colossal nerve and overbearing arrogance, 
and the gold thuggery that would force the Secre- 
tary of the Treasury to comply with such demands 
would overthrow constitutional government and 



MAN AND MAMMON. 125 

destroy the liberties of the nation. If the gold 
power is so strong as to force this violation of law 
and protect the high dignitaries who betray their 
trust, then is our whole fabric of government in the 
throes of destruction, and the money power that 
has wrapped its arms like Samson around the pil- 
lars of our national temple, like Samson will be 
buried in its ruins. " 

"Why you alarm me; I never thought it was 
so serious as that. The government has been do- 
ing these things, and I thought they ought to keep 
it up, but did not know it was a violation of law," 
said the eastern banker with much agitation. 

THE MONEY POWER THE MOST OPEN VIOLATERS OF 

LAW . 

' 'Well, my friend, it is the most serious and dan- 
gerous matter. You easterners denounce the West 
and bi-metalists as repudiationists and anarchists, 
and yet you not only encourage violation of law, 
but demand it, and protect the criminals in high 
places who violate law for your benefit. Are you 
not the real anarchists? It is a fact that can not be 
disputed, that every law for the protection of sil- 
ver has been violated in the interest of gold, and 
the Treasury raided contrary to law, for the benefit 
of the gold power. Is not this anarchy? Take 



126 



MAN AND MAMMON. 



one instance out of many, the failure and refusal 
to coin the silver in the Treasury to redeem the 
Treasury certificates of $136^000,000. 

"This silver has been lying for years in the 
Treasury uncoined, with the law in force requiring 
its coinage to redeem these Treasury notes, and the 
Treasury paying out gold and issuing bonds con- 
trary to law, and you eastern people approving it 
and clamorous for every violation of law in the in- 
terest of gold. Oh, shame! where is thy blush? 

' Yet you are the gems of perfection in your 
complacent egotism. You have appropriated all 
the honesty on the earth. There is none left for 
the rest of the world. In fact^ there is hardly 
enough to go around among you; you absorb it so 
naturally like you do gold. Yet you have violated 
more law and defended its violation in your inter- 
est, more than all other classes in all the world." 

Ah! you case-hardened compound of selfish- 
ness! You should shake the gold dust from your 
erring feet, and moisten it with the tears of sorrow 
for the rich benighted people of the east whom you 
have wrongly educated.'' 

This almost' took the eastern banker's breath 
away, but he replied in a conciliatory tone: ''Oh! 
you are excited. We are not so bad as that." 

' 'You have exasperated the country beyond 



MAN AND MAMMON. 127 

measure, and its patriotic indignation is at fever 
heat. ^' Continued the western banker: *'The peo- 
ple have been patient for years, and petitioned and 
entreated, but as the fearless orator of Nebraska 
said in the Chicago conventionn: ''We will en- 
treat no longer; we defy you." This is the shout 
of battle, this is the bugle call to the charge from 
the leader of forty million of people who will 
have justice for humanity.'' 



CHAPTER XIX. 

THE PEOrLE WEST OF THE ALLEGHANIES TERRIBLY 
]N EARNEST. 

"You seem terribly in earnest and put your 
argument on a high plain, " responded the eastern 
banker. 

' 'The people west of the Alleghanies are terri- 
bly in earnest, and regard this struggle for bi-met- 
alism more than a mere financial question," he con 
tinued, ''it is the cause of justice, humanity, 
freedom and self government, against the thraldom 
and slavery of the money power. It is *'the irre- 



128 



MAN AND MAMMON. 



pressible conflict" that will not cease till the peo- 
ple's wrongs are righted. It must come, and may- 
come quickly. Prepare for it. It may hurt a few, 
but it will benefit the many; and secure liberty and 
prosperity for all in the near future." 

' 'Do you believe it will be a blessing to the 
country? We have been taught that western peo- 
ple were anarchists and socialists," interrupted the 
eastern banker. 

"We could not be both, for they are directly 
opposites. An anarchist believes in no law and 
all freedom; a socialist in all law and no freedom. 
What astounds our western people is your absurd 
assumptions on financial questions. 

"You look wise, but most any farmer in Illi- 
nois, Kansas or Missouri knows more about finance . 
They could make you retreat all over a forty acre 
wheat field on any proposition you could put up on 
the money question. You have been wrongly educa- 
ted. You have gone to Europe too often to know 
anything about this country. You have been 
taught by Morgan, Lazarus, Levy & Co., and 
they know how to make fools of you, and fleece you 
and the country out of millions. 

''Samuel J. Tilden photographed you some 
years ago when he said: *The ri:h concentrating 
property by monopolies and perpetuities^ have es- 



MAN AND MAMMON. 129 

tablished an aristocracy more potent and oppress- 
ive than any other that has ever existed. ' " 

The eastern banker repHed somewhat nettled: 
^^You overdraw the picture and are too extreme 
in your statements/' ''Possibly, continued the 
other, '*but see your position, because there are 
large amounts of money locked up in the vaults, 
you say there is too much money, when it is only a 
congestion of money — too much in some places 
and none at all in others, and you wonder why the 
bi-metalists want to expand the currency. Your 
obtuseness will not permit you to see that people 
under the present system prefer to convert their 
wealth into money and let it lay idle, rather than 
invest it in commerce on a declining market, where 
all products and values have been declming since 

1873. 

Men will not invest when there is no profit, 
and business will not continue when it soon leads 
to bankruptcy. Men will not own land or property 
when their products will not pay the cost of pro- 
duction. 

' 'Take one example of many^ the official report 
of the Illinois State Board of Agriculture for 1889, 
exhibited the distressing fact that "the corn crop 
of that state for that year actually sold for ten 
millions dollars less than it cost to produce it. 



i.^o MAN AND MAMMON. ' 

Corn and potatoes in the west today are selling at 
I o cents a bushel and wheat about 30 cents, all other 
products in proportion, which is less than cost of 
production. Wheat has been fed to cattle, corn 
used for fuel, and potatoes allowed to rot in the 
ground because eight cents a bushel would not pay 
for digging and hauling tC) market. Examples like 
this can be multiplied all over the country. No 
wonder the farmer knows something is wrong when 
money is everything and property is nothing. 
You forget that cheap money and inflation of 
values is the law of commercial growth, and con- 
traction or congestion is hurtful and ruinous. You 
put your money mto United States bonds which 
you have made a lazy fund for millionaires. 

^ 'And when you can find no profitable invest- 
ment for your money, you try to force the United 
States to issue bonds for your lazy benefit without 
law and contrary to law. 

"This is the acme of your supreme selfishness 
and the summit of your sordid motives. You 
would rob and destroy the best government on 
earth to satisfy your cupidity. And your cupidity 
is a sad spectacle to the distressed patriots of our 
country. You threaten to convert the $500,000,- 
000 of greenbacks and treasury notes into bonds 
for your benefit, and thus contract and destroy half 



MAN AND MAMMON. 



our currency when you should increase the currency 
sufficient to increase the price of commodities and 
labor, as the only inducement for people to engage 
in commercial enterprises.'' 

''But that is the only way to keep on the pres- 
ent gold standard, ' 'interrupted the eastern banker. 

''Then the present gold standard should go to 
the perdition of the ungodly, for if it don't it will 
take the people and the country there. 

THE ANARCHISTS OF WALL STREET. 

"You people talk of anarchists and yet you 
have the most anarchistic documents sent out from 
Wall street weekly decrying against popular gov- 
ernment and legislation, such as would put Herr 
Most to shame. I copy two samples from Henry 
Clewes' financial review of May, 1896: 

'*But Wall street has learned to believe there 
are greater potencies than party platforms, than 
legislative subserviency to popular ignorance. 
There are situations and events that can instantly 
coerce, and convert the most reckless legislator in- 
to the willing servants of a conservative sentiment 
that represents the real interests and safety of the 
nation.'' Wall street decides what is ^ 'the real in- 
terests and safety of the nation, and would coerce 



132 



MAN AND MAMMON. 



legislators.'' What bold assumption. Butfurther: 
"The near prospect of the authorization of free 
coinage — a counting of heads showing a two-thirds 
vote in the house and senate for i6 to i — would 
provoke in Wall street the kind of conditions that 
no Congress has ever yet dared to disregard.'' 

'^What is this but a declaration of anarchy or 
revolution? A threat that Wall street will have 
her way or wreck the country if she is provoked. 
The money power and the metropolitan press 
should look to their own glass houses before they 
throw stones. 

Again, presidents of banks, trusts and syndi- 
cates will get together with Mark Hanna and talk 
tariff, a dead issue, and explain how they can make 
this country rich by taxing it, just as a man can lift 
himself by pulling at his boot-straps, and shed 
crockodile tears over the loss the poor man will 
sustain by changing to bi-metalism, and all the 
time they are fooling no one. Then they retire to 
their officers cut the wages of their employes, and 
double the price of the poor man's articles con- 
trolled by the trusts, and call this business. They 
will demand protection for American industries 
and then endeavor to destroy silver, one of our 
greatest products, and then like the ostrich that 
hides its head, they imagine no one sees their grea 



MAN AND MAMMON. 133 

bulky bodies, and inconsistent hypocrisy. You 
claim that the present single standard is the only 
way to keep gold and silver both in circulation 
and yet it is the very system that tends to keep 
out of circulation, as our financial condition demon- 
strates, the gold which is locked up, three-quarters 
held as reserve, and silver which is so depreciated 
that it circulates with difficulty.'' 

''Well, is it not a depreciating currency bad ?" 
asked the easterner. 

^'Yes, a depreciating currency is bad, but his- 
tory demonstrates that an appreciating one is 
worse, The first hurts the creditor, the latter, 
despoils the debtor. The tendency of the first is to 
equalize the distribution of wealth, that of the lat- 
ter to concentrate it, making the many helpless de- 
pendants of the few. This explains why the cred- 
itor east are for a single gold standard. Selfish- 
ness is the basic principle. May the Lord save us 
from the so-called blessings of the gold standard* 
and the sad delusions of 'sound money" — a money 
whose sound is never heard except by the million- 
aire. But again is it not dangerous for the banks 
to assume a private guardianship over the treasury 
as in their recent attempt in New York to save the 
credit of the nation by their proffered gold to bring- 
up the reserve. Might not these same patriotic 



134 MAN AND MAMMON. 

bankers do as they have done in the past, wrok 
great detriment to the nation's honor and credit 
when it is to their interest to do so? But I fear I 
weary you and will say good-day." 



CHAPTER XX. 

BI-METALISM SHOULD BE RESTORED WITHOUT DELAY. 

We have thus seen that money is a medium 
of exchange, a measure of value, and a standard of 
deferred payments. 

That while it performs these three functions 
its debt paying power is determined by law. That 
as Aristottle said two thousand years ago, ''Money 
by itself has value only by law^ and not by nature.'' 
The value of money is its purchasing power, and 
is determined not by its substance but by the func- 
tions it performs. One of the most important re- 
quisites of money is unvarying purchasing power 
or stability of value. This is especially important 
where there are deferred payments, also to pre- 
serve uniformity of prices for commodities upon 
which business success must greatly depend. 
Money is essential to civilization, and its sound- 



MAN AND MAMMON. 



135 



ness or honesty depends upon its stability. Abso 
lute stability is impossible, but the best money is 
that which chancres least in purchasing power. 

We have seen that by this test silver as stand- 
ard money has received the approval of all civil- 
ized nations, ancient and modern, and is the money 
of the vastly greater part of the world. Its history 
of usefulness far exceeds that of gold. It was the 
standard of value in Egypt, Phoenicia, Greece, 
Rome, France, England and all nations civilized 
and uncivilized until a very recent date. Locke 
says it was ''the money of account and measure of 
trade all through the world," while he said, "Gold 
is not the money of the world or measure of com- 
merce^ or fit to be so. " He and Ricardo asserted 
that silver was more stable than gold. In early 
times gold was used by weight only, and its use as 
money in ordinary business is of recent date. It 
was not coined in England until the middle of the 
thirteenth century, and it has always been deemed 
less stable in value than silver. 

Monser says gold fell in value 33^3 per cent 
* about 100 B. C., and further declined 25 per cent 
after the conquest of Gaul by Csesar. Professor 
Jevons estimates the value of gold fell 46 per cent 
from 1 789 to 1809, then advanced 149 per cent. In 
1849, the discovery of gold in California caused 



136 MAN AND MAMMON. 

a decline of 20 percent to 1873. And the best 
authorities claim that gold has risen 85 to 105 per 
cent since 1873. 

Mr. Leonard Courtney says: *'It is a dream 
to suppose that gold is stable in value." And all 
authorities, up to a few recent politicians, declare 
that silver is more stable in value than gold, and 
therefore is the real honest and sound money. 

In Peru in the sixteenth century, when there 
was no law for its protection, gold sank to a level 
with silver in value^ and because of abundance, 
shoes sold for $^so a pair and a bottle of wine $700 
in gold. Therefore silver being more stable in 
value, more general in use and approved by uni- 
versal experience should be restored. 

There has been a steady fall of prices in gold 
countries, while in silver countries prices have 
not generally changed. The greater stability 
of silver is thus established. 

As a debtor nation, paying in commodities, 
our loss by the fall of prices is almost incredible, 
and there is but one remedy — the increase of pri- 
mary money — or a return to the double standard, 
or free coinage of silver. 

Silver should be restored because it is the 
money of the constitution and the people, and was 
destroyed in violation of the constitution, and 
against the people. 



MAN AND MAMMON. 137 

Because the double standard is the best, most 
convenient and stable as a financial system. 

Because it provides for a currency more abun- 
dant and elastic, and no part of it which is a me- 
nace to the government. 

Because it produces more uniformity of values 
and is just to the debtor and the creditors, enabling 
him to pay in either metal at his option in case the 
other is cornered. 

Because it prevents the millionaire speculators 
from cornering or controlling the money of the 
world, which they can and do accomplish on the 
single standard. * 

Because silver is the practical active metal 
money of the world, and gold is the theoretic 
hoarded metal money of the world, and they travel 
like twin brothers together, on equal terms, but 
when divorced, gold is insufficient and dear, and 
hides at the least alarm, and the people virtually 
have no money. 

Because gold alone is quick to hide and slow 
to come forth, and appreciates in value too rapidly 
and thereby depreciates the value of all property 
and products, causing business stagnation. 

Because the double standard, or bi-metalism, 
was used, tested, tried and found satisfactory by 
all nations of the earth, in all ages, and under all 



138 MAN AND MAMMON, 

conditions, until in the past twenty-three years, ex- 
cept England, until the last seventy years. 

Because England's example was no criterion 
for the rest of the world, for it benefitted only her 
millionaires, to the injury and detriment of the 
great masses of her people. 

Because the single or gold standard is an ex- 
periment of only sixteen and one-half years in 
America, yet it has produced two most disastrous 
panicS; and more business depression, ruin and 
bankruptcy than ever known in this country in the 
same period of time. Its very announcement in 
1873, before it becfame operative, precipitated a 
direful panic and the repeal of the only law tend- 
ing to the double standard projected another fearful 
panic and crisis, which continues its ruin to the 
present day. 

Because it has proved a ruinous experiment in 
France, Germany, and wherever tried. 

Because it tends to produce poverty and dis- 
tress among the masses, and doubles the power 
and oppression of wealth, builds up an aristocratic 
money power, and reduces the people to financial 
poverty. 

Because it is in the interest of the rich alone, 
the favored scheme of the kings and monarchs of 
Europe to reduce their people to abject vassalage 
and destroy the liberties of their subjects. 



MAN i\ND MAMMON. 139 

Because it means the reduction of the masses 
to pauperism, and the supremacy of aristocratic 
wealth. 

Because the single standard is a recent, most 
disastrous experiment, and colossal failure. 

Because it has been fastened on all countries 
who have it, by fraud, secrecy or dictation of the 
rich, without the consent of the people. 

Because we are the only country where the 
people rule, and we should protect the people from 
its injustice and ruin, and set an example to all 
other nations. 

Because wherever it exists, it has produced fi- 
nancial ruin, depression and dissatisfaction, and 
the people are striving, wherever it exists, to cast 
off this yoke of gold, and have been delayed, de- 
ceived and thwarted by the machinations of the 
money power. 

Because we set the first bad example of de- 
grading silver in recent times, and we should set 
the first good example of restoring it. 

Because in this country the law forcing the 
single standard was, and is, unconstitutional and 
void, and a usurpation of power. 

Because silver is one of our greatest products 
and it is to our interest to protect it. 



I40 MAN AND MAMMON. 

Because gold is too weak a financial system to 
endure agitation or discussion. 

Because it has brought greater distress than 
could possibly result from the restoration of silver. 

Because national honor does not require its 
continuance, and national credit and prosperity re- 
quires its discontinuance. 

Because it is an inverted pyramid and any in- 
crease of other monty tends to topple it over. 

Because under it the more currency we have 
the less we can safely use. 

Because there is no free silver country in the 
world but what is more prosperous than it was 
twenty years ago and pays better wages; and there 
is no gold standard country but what is less pros- 
perous and pays less wages. 

Because no free coinage country in the world 
needs gold as a currency, and no gold standard 
country uses it extensively and generally. 

Therefore, by restorirfg silver the struggle for 
gold will cease, and it will no longer be a disturb- 
inof factor — the creditor and debtor classes will be 
on more equal terms, money will cease to rise, and 
property cease to fall in value, thus producing busi- 
ness activity and prosperity. 

Then will men applaud the silver craze as the 



MAN AND MAMMON. 141 

acme of wisdom, and reprobate the gold lunacy as 
the worst crime in the world's history. 

The humiliating spectacle of a rich nation in 
times of profound peace and abundance issuing 
bonds to buy gold and begging the protection of 
a foreign syndicate, and turning its treasury over 
to its rapacity in an endless chain of ruin would 
cease. The ''irrepressible conflict'' over our finan- 
cial system thus ended in the interest of freedom, 
and humanity would crown the nation with the 
blessings of peace, happiness and prosperity. 

May all lovers of mankind who would help the 
struggling masses to better living and nobler aspir- 
ations, who would be j^ust to the poor as well as 
the rich, and protect the needy from ihe grasp of 
avarice, and the weak from the arrogance of gold, 
champion the cause of bi-metalism — the cause of 
freedom and humanity. The way is open, the 
time is propitious, the omens are favorable, and 
the battle for free silver, free men, justice, pros- 
perity and self-government has begun. The duty 
of all is to follow that brilliant and intrepid leader 
of Democracy, William J. Bryan, who in that 
burst of marvelous eloquence and patriotism at 
Chicago said: "It is the issue of 1776 over again. 
Our ancestors, when but three million, declared 
their political independence of every other nation, 



142 MAN AND MAMMON. 

shall we, their descendants, when we have grown 
to seventy millions, declare we are less independ- 
ent than our forefathers? There is no private 
character however pure, no personal popularity 
however great can protect from the avenging wrath 
of an indignant people, the man who will either 
declare that he is in favor of fastening the gold 
standard on this people or who is willing to sur- 
render the right of self government and place legis- 
lative control in the hands of potentates and 
powers." 

A PATRIOTIC PROPHECY. 

Thank heaven ! Our country has never known 
the feudal scourge of medieval slavery, the entail- 
ment of baronial estates, or the crouching vassal- 
age to king or duke, or hereditary lord. And may 
she never know the crushing tyranny of concen- 
trated wealth and power. 

I believe this question will be settled soon in 
favor of justice, humanity and prosperity. And 
those who administer the government, obey the 
divine edict, ''let him that is greatest among you be 
your servant." We are today, if untrameled by de- 
structive legislation, the most powerful and wealthy 
nation on earth. 

By reason of the compactness and fertility of 



MAN AND MAMMON. 143 

our territory, and the energy and intelligence of 
our citizens, we are able to cope with all the rest 
of the world. And had we the spirit of conquest 
like Rome, we could now possess a hemisphere in 
spite of the combined nations of the earth. 

We have what no nation ever before pos- 
sessed, and what all the world did not have at the 
commencement of this century — forty millions of 
educated people. Rome, in the zenith of her 
power, when she embraced the known world, had 
less than twenty-three millions, including barbari- 
ans, and not a half a million of educated people. 

In a few more years the concrete wisdom and 
patriotism of our people, will have settled all the 
puzzling question that have marred our peace or 
retarded our prosperity — questions of tariff and 
finance, protection of labor and encroachments of 
.capital — all settled. And our marvelous prosperi- 
ty and renown will fill the earth with wonder, while 
the coming centuries point the finger of destiny to 
the two continents as our possession^ and the west- 
ern hemisphere for the great republic. Not by 
conquest, for mankind has at last discovered that 
commerce must take the place of war, and that 
mutual interest and love bind stronger than bayo- 
nets. 

Let no pessimistic croaker harrow the patri- 



144 



MAN AND MAMMON. 



Otic soul of any American, by prating of the man 
on horseback. The world will never produce an- 
other Napoleon any more than another Shakes- 
peare. The doctrine of the future, ''it is more 
blessed to give than to receive," will be the colos- 
sal and endearing principle of earth's highest beati- 
tudes. The dangers oi the future will be less than 
those of the past, and the patriotic good sense of 
the masses will preserve the nation as they did in 
the darkest trials through which it passed, and they 

Are tokens through the coming vears, 
Whose clouds of darkness black with fears, 
Rise o'er the hills and drape the land — 
That patriot hearts will throb and stand, 
In strength like Grecian phalanx true, 
In beauty like the rainbows hue. 

A nation, nobly, truly great. 

And worth a million hero lives, 
And towering o'er the realms of fate, 

Enduring as the earth and skies. 



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